Metaplanet announced the issuance of ¥52 billion (approximately $329 million) in zero-coupon convertible corporate bonds, with proceeds to be used to repay bitcoin-backed loans and repurchase shares. This financing enables the bitcoin treasury company to restructure its debt without touching its 44,000 BTC holdings.
(Prior context: Robinhood adds $25 million in Bitcoin to its balance sheet! Even a $10 billion company is joining the Bitcoin treasury trend)
(Background: Metaplanet acquires Japanese Tier-1 securities firm Siiibo to turn its accumulated Bitcoin into an interest-bearing asset)
Japanese investment and Bitcoin treasury company Metaplanet disclosed in its official announcement on October 13 that it will issue five-year zero-coupon convertible corporate bonds with a face value of 52 billion yen (approximately $329 million), maturing in 2031. The net proceeds will be allocated in two parts: approximately 23.6 billion yen ($149 million) to repay existing Bitcoin-backed loans, and the remaining 28.3 billion yen ($179 million) toward share repurchases.
Debt optimization strategy without selling Bitcoin
The core objective of this financing is clear: to restructure Metaplanet’s debt without touching its Bitcoin holdings whatsoever. According to BitcoinTreasuries, Metaplanet currently holds 44,000 Bitcoin, valued at approximately $3.6 billion, making it the second-largest Bitcoin treasury company in the world, behind only Michael Saylor’s Strategy.
Bitcoin-backed loans are a common financing tool for such companies, but when cryptocurrency prices fluctuate, the collateral maintenance ratio can easily trigger margin calls or forced liquidations. Replacing short-term loans with long-term convertible corporate bonds can significantly reduce this leverage risk.
The design of the zero-coupon bond is also noteworthy: no interest is paid during the five-year period, and principal is repaid only at maturity, meaning Metaplanet faces minimal cash flow pressure during the bond’s term. The convertible feature allows bondholders to convert the bond into the company’s common shares upon meeting certain conditions; for Metaplanet, if the stock price rises in the future, part of the debt can be eliminated through “conversion to equity” without requiring actual cash outlay.
The ¥60 billion buyback program has just begun.
The 28.3 billion yen raised in this bond offering represents only a portion of Metaplanet’s share repurchase program. According to the announcement, the company’s overall repurchase target could reach up to 60 billion yen (approximately $380 million). Where will this money come from? In addition to the proceeds from this bond issuance, the company may also utilize its existing cash flow and operating funds.
The buyback motivation is closely related to shareholder pressure over the past few months. In September 2026, Metaplanet faced backlash after expanding its Series 10 executive stock option pool by nearly sevenfold, and subsequently announced a 41% reduction on September 11, lowering the potential option shares from 319.464 million to 188.19 million, returning to the level prior to its September 2025 IPO. The share buyback can be seen as another gesture toward shareholders: reducing the number of outstanding shares increases the Bitcoin value per share, benefiting holders.
The stock price has already priced in expectations, plunging 50% over 12 months.
After the announcement, Metaplanet's stock closed down 1.5% on the Tokyo Stock Exchange, with Yahoo Finance data showing a 52.6% decline over the past 12 months. This contrasts sharply with the company’s earlier surge: in early 2025, when Metaplanet announced renaming its hotel the “Bitcoin Hotel” and fully committing to Bitcoin, its stock price rose over 4,000% in a year, and its Q2 financial report turned profitable with assets surging 333%. After market expectations for Metaplanet soared, any signal falling short of expectations has been amplified.
Market Impact and Ongoing Monitoring
Metaplanet’s recent bond issuance holds symbolic significance for the Bitcoin treasury company sector. Previously, such companies primarily raised funds through two methods: issuing convertible notes (the most common model used by Strategy) and Bitcoin-backed loans. Metaplanet’s combination of “convertible bonds + buybacks” demonstrates that these companies are moving beyond mere Bitcoin accumulation and entering the second phase of balance sheet optimization.
Three key indicators to watch: first, the final conversion price set for this bond, which will reveal management’s confidence in future stock prices; second, the actual progress of the ¥60 billion buyback program, which, if fully executed, would significantly increase the BTC per share equivalent; third, whether this bond issuance is linked to Metaplanet’s capital allocation framework announced earlier this month (allocating up to 15% of assets to strategic investments).
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Strategy holds 848,000 bitcoins; this time, it bought only 334.