Metaplanet, a Tokyo-listed firm focused on Bitcoin treasury, announced the issuance of zero-coupon Euro-Yen convertible bonds to raise ¥52 billion. The offering, led by Merrill Lynch International, is scheduled to close on October 29, 2026, with a subsequent listing on the Singapore Exchange. The bonds mature on October 29, 2031, and are issued at 102.5% of par.
The company intends to use the net proceeds of approximately ¥51.9 billion to repay a portion of its Bitcoin-backed debt and to fund share repurchases. Metaplanet currently holds 44,000 BTC and carries about $650 million in debt. The repayment of ¥23.6 billion is intended to move the company closer to its target leverage ratio of 10%.
The share buybacks are part of a broader program authorized through October 2027, allowing the company to repurchase up to ¥60 billion in stock or 200 million shares. This initiative is part of the company's Project Nova strategy, which aims to transition Metaplanet into a Bitcoin-centric financial platform offering asset management and financing services.
The company's current leverage ratio stands at 17.7% of its Bitcoin net asset value, exceeding its internal 10% cap. By reducing debt and repurchasing shares, Metaplanet aims to optimize its balance sheet and increase Bitcoin exposure per share. The convertible structure allows for potential equity conversion by bondholders by 2031.
