Metaplanet, a Tokyo-listed Bitcoin treasury company, announced on October 13, 2026, plans to raise ¥52 billion (approximately $328 million to $333 million) through zero-coupon Euro-Yen convertible bonds. The offering is designed to fund debt repayment and share buybacks.
The bonds mature on October 29, 2031, and are being issued at 102.5% of par value. Merrill Lynch International is leading the deal, with closing and listing on the Singapore Exchange planned for October 29, 2026.
Allocation of proceeds
Net proceeds are expected to total approximately ¥51.9 billion, allocated as follows:
- Debt repayment: approximately ¥23.6 billion ($151 million) toward Bitcoin-backed credit facilities
- Share buybacks: up to ¥28.3 billion, representing roughly 7.1% of outstanding shares
The buyback authorization is part of a broader repurchase program allowing Metaplanet to buy back up to ¥60 billion in stock through October 2027.
Balance sheet context
As of September 30, 2026, Metaplanet held 44,000 BTC, making it the world's second-largest listed corporate Bitcoin treasury holder. The company carries approximately $650 million in Bitcoin-backed debt, representing 17.7% of its Bitcoin net asset value. Metaplanet's stated target caps this leverage ratio at 10%, meaning current borrowing exceeds the company's comfort level.
The planned ¥23.6 billion repayment covers only a portion of the roughly $650 million in Bitcoin-backed borrowing, representing a meaningful step toward the 10% target rather than a complete resolution.
Strategic positioning
The bond offering fits into Metaplanet's stated "Project Nova" strategy, which aims to evolve the company from a Bitcoin holder into a broader Bitcoin-centric financial platform encompassing financing and asset management alongside its treasury operations.
The offering's stated goals include optimizing the balance sheet, reducing debt, and increasing Bitcoin exposure per share. The share buyback reduces outstanding share count, allowing each remaining share to represent a larger portion of the company's Bitcoin holdings.
