Metaplanet Plans ¥52 Billion Convertible Bond for Debt, Buybacks

Metaplanet plans to raise ¥52 billion through zero-coupon convertible bonds due in 2031, using the proceeds to repay debt and buy back shares as it expands its Bitcoin-focused treasury strategy.

The bonds will be issued at 102.5% of face value, with net proceeds expected to reach about ¥51.9 billion. Metaplanet plans to allocate roughly ¥23.6 billion to repay a Bitcoin-backed credit facility that currently has an outstanding balance of about $650 million.

The company also plans to use up to ¥28.3 billion for a share buyback covering approximately 97.94 million shares, equivalent to about 7.1% of its outstanding stock. The buyback is intended to offset potential dilution from the convertible bonds and increase Bitcoin holdings on a per-share basis.

The bonds are scheduled to list on the Singapore Exchange on Oct. 29. Metaplanet currently holds 44,000 Bitcoin (BTC) and is pursuing a broader strategy to develop a Bitcoin-centered financial platform.