Metaplanet announced plans to issue 52 billion yen ($329 million) in zero-coupon, euro-yen convertible bonds maturing in 2031. The Japanese investment and Bitcoin treasury company will allocate approximately 23.6 billion yen ($149 million) from net proceeds to repay Bitcoin-collateralized loans and roughly 28.3 billion yen ($179 million) toward share buybacks.
The repurchase program is part of Metaplanet's broader capital allocation strategy, with a target of up to 60 billion yen ($380 million) in total buybacks. The convertible bond issuance aims to improve the company's debt structure by reducing reliance on Bitcoin-collateralized loans without liquidating any of its Bitcoin holdings.
As the second-largest Bitcoin treasury firm, Metaplanet currently holds 44,000 BTC valued at approximately $3.6 billion. Earlier this month, the company outlined a revised capital allocation framework proposing to allocate up to 15% of total assets to strategic investments supporting Bitcoin accumulation and dividend payments.
Metaplanet's share price declined 1.5% in Tokyo trading following the announcement, continuing a 12-month downward trend of 52.6% according to available market data.
The bond issuance follows shareholder concerns raised in September regarding executive compensation. In response, the Tokyo-based company reduced its Series 10 executive stock option pool by 41%, bringing the number of potential underlying shares from 319.464 million to 188.19 million—the level prior to its September 2025 international share offering.
