Metaplanet Unveils $329 Million Financing Plan to Reduce Bitcoin-Backed Debt
Japanese Bitcoin treasury company Metaplanet plans to issue ¥52 billion ($329 million) in zero-coupon convertible bonds maturing in 2031. The company will use the proceeds to repay Bitcoin-backed loans and repurchase its own shares, according to an October 13 disclosure.
The financing aims to restructure Metaplanet’s debt without selling its Bitcoin holdings. The company expects approximately ¥51.9 billion in net proceeds, directing ¥23.6 billion toward debt repayment and allocating up to ¥28.3 billion for share buybacks.
The move comes as Metaplanet adjusts its capital allocation strategy and seeks to strengthen its financial position while maintaining its Bitcoin-focused treasury model.
Debt Restructuring Without Selling Bitcoin
Metaplanet intends to use approximately ¥23.6 billion to repay part of its existing Bitcoin-backed credit facility in November 2026. The company has relied on Bitcoin-collateralized borrowing to finance its operations and investment strategy.
As of September 30, 2026, Metaplanet had drawn approximately $650 million from a credit facility with a borrowing limit of $800 million. Its Bitcoin-backed borrowing ratio stood above the company’s preferred internal threshold, creating an incentive to restructure its liabilities.
The new bonds carry no periodic interest payments and are unsecured. They will mature on October 29, 2031, offering investors the option to convert their holdings into Metaplanet shares under the bond agreement.
However, the issuance will initially increase the company’s total liabilities. The overall debt impact will depend on how Metaplanet manages its existing obligations and whether investors eventually convert their bonds into equity.
Share Buybacks Target Approximately 7.1% of Shares
Metaplanet will allocate up to ¥28.3 billion to repurchase its ordinary shares between October and December 2026. The company has also established a broader share repurchase authorization of up to ¥60 billion.
The initial planned transaction could involve approximately 96.9 million shares, representing around 7.1% of its outstanding ordinary shares. The company intends to use the buyback to improve the amount of Bitcoin attributable to each remaining share.
This approach reflects a central feature of Bitcoin treasury companies: investors often assess them not only by their total Bitcoin holdings but also by the amount of Bitcoin backing each share.
Metaplanet has stated that the bond proceeds will not finance additional Bitcoin purchases. Instead, the capital will support debt repayment and share repurchases, signaling a focus on balance sheet management and shareholder value.
The strategy carries potential risks, including future equity dilution if bondholders convert their securities into shares. Its ultimate impact will depend on Bitcoin prices, Metaplanet’s share valuation and the terms of the conversion.
