Metaplanet Plans $329 Million Bond Sale for Debt, Buybacks

Metaplanet plans to raise $329 million through five-year, zero-interest convertible bonds, directing most proceeds to debt repayment and share buybacks while keeping its Bitcoin holdings intact.

The Japanese Bitcoin treasury company will issue 52 billion yen in convertible bonds due in 2031. About $149 million of the net proceeds would repay loans backed by Bitcoin, while roughly $179 million would fund share repurchases.

The buybacks are part of a broader program targeting up to 60 billion yen, or about $380 million, in total repurchases. The financing is intended to reduce Metaplanet’s reliance on Bitcoin-collateralized borrowing and improve its debt structure without selling BTC.

Metaplanet holds 44,000 Bitcoin valued at about $3.6 billion. The company’s shares closed 1.5% lower in Tokyo on Tuesday and have declined 52.6% over the past 12 months.