Metaplanet Plans $329M Convertible Bond Issue to Repay Bitcoin Loans

Japanese Bitcoin treasury firm Metaplanet announced plans to issue $329 million in convertible bonds to repay Bitcoin-backed loans and fund share buybacks without selling its BTC holdings.

The company will issue 52 billion yen worth of zero-coupon, euro-yen convertible bonds due in 2031. According to a Tuesday announcement, approximately $149 million of the net proceeds will be used to repay Bitcoin-collateralized loans, while about $179 million will be allocated to share repurchases.

This move aims to improve Metaplanet’s debt structure by reducing its reliance on Bitcoin-backed borrowing. The firm, which holds 44,000 BTC valued at $3.6 billion according to BitcoinTreasuries, will not sell any of its Bitcoin holdings as part of this financial restructuring.

The share buybacks are part of a new repurchasing program targeting up to $380 million in total. Metaplanet’s shares closed 1.5% lower in Tokyo on Tuesday, extending a 52.6% decline over the past 12 months.