Japanese Bitcoin treasury firm Metaplanet announced plans on October 13 to issue ¥52 billion ($329 million) in zero-coupon convertible bonds maturing in 2031, with proceeds earmarked for repaying Bitcoin-backed loans and buying back its own shares.

According to the company's disclosure, the financing is designed to restructure Metaplanet's debt without selling any of its Bitcoin holdings. The company expects roughly ¥51.9 billion in net proceeds, of which ¥23.6 billion will go toward debt repayment and up to ¥28.3 billion will fund share buybacks. The move reflects an adjustment to Metaplanet's capital allocation strategy as it works to strengthen its financial position while preserving its Bitcoin-focused treasury model.

Paying Down Bitcoin-Backed Borrowing

Metaplanet plans to direct approximately ¥23.6 billion toward repaying 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 roughly $650 million from a credit facility carrying a borrowing limit of $800 million. Its Bitcoin-backed borrowing ratio stood above the company's preferred internal threshold, giving management an incentive to restructure its liabilities. Ratios of this kind are measured against the market value of the Bitcoin pledged as collateral, so they shift with the value of the underlying holdings.

The new bonds carry no periodic interest payments and are unsecured. They mature on October 29, 2031, and offer investors the option to convert their holdings into Metaplanet shares the bond agreement. Zero-coupon convertible structures of this type remove recurring cash interest costs during the life of the bond, with the conversion option standing in for a coupon as the holder's potential upside. Because of this structure, the issuance will initially increase the company's total liabilities, and the overall debt impact will depend on how Metaplanet manages its existing obligations and whether bondholders eventually convert into equity.

Buybacks Targeting About 7.1% of Shares

Metaplanet will allocate up to ¥28.3 billion to repurchase its ordinary shares between October and December 2026, under a broader share repurchase authorization of up to ¥60 billion. The initial planned transaction could cover approximately 96.9 million shares, or around 7.1% of its outstanding ordinary shares.

The company said the buyback is intended to increase the amount of Bitcoin attributable to each remaining share. That metric, commonly framed as Bitcoin per share, is a central feature of Bitcoin treasury companies — listed firms that hold Bitcoin on their balance sheets — whose investors often evaluate them not only by total Bitcoin holdings but also by the Bitcoin backing each share.

Metaplanet has stated that 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. Execution can be tracked against fixed dates: the November 2026 repayment, the buyback window running through December 2026, and the bonds' October 29, 2031 maturity.

Primary source: Metaplanet disclosures