Metaplanet Plans $328.85 Million Bond Sale to Rework Debt

Metaplanet plans to raise $328.85 million through a zero-coupon convertible bond offering, directing the proceeds toward debt repayment and share buybacks rather than directly funding new Bitcoin purchases.

The Japanese Bitcoin treasury company expects to issue ¥52 billion in euro-yen convertible bonds due in 2031 and receive approximately ¥51.9 billion after costs. It plans to use ¥23.6 billion to repay part of its Bitcoin-backed credit facility.

Up to ¥28.3 billion would support share repurchases. Lower secured debt could give Metaplanet more balance-sheet flexibility for future Bitcoin acquisitions, but the financing plan does not assign proceeds to those purchases.

The bonds are scheduled to be issued Oct. 29, 2026, and mature Oct. 29, 2031. Metaplanet has adopted Bitcoin (BTC) as a central treasury asset and has used debt and equity financing to manage its holdings and capital structure.