Metaplanet, a Tokyo-based investment and Bitcoin treasury firm, announced the issuance of a sizable convertible bond offering intended to reshape its capital structure and fund an aggressive share-repurchase initiative.

Bond issuance details

The company plans to sell convertible bonds denominated in euro-yen with a zero-coupon structure, totaling 52 billion yen (approximately $329 million). These securities are set to mature in 2031, providing a long-term financing tool for the firm.

Allocation of the proceeds

Around 23.6 billion yen (roughly $149 million) will be allocated to settle existing loans that are secured by Bitcoin collateral. An additional 28.3 billion yen (about $179 million) is earmarked for the ongoing share-buyback program, which targets up to 60 billion yen in total repurchases.

Effect on debt and Bitcoin holdings

By using bond proceeds to retire Bitcoin-backed debt, Metaplanet seeks to lower its reliance on loans tied to its cryptocurrency assets. The strategy allows the company to keep its 44,000 BTC (valued at about $3.6 billion) intact while improving its leverage profile.

Share-buyback program and stock-option adjustments

The buyback plan forms part of a broader capital-allocation framework that also permits up to 15% of total assets to be directed toward strategic investments, including further Bitcoin accumulation and dividend payouts. Earlier in the year, the firm faced shareholder criticism after expanding its executive stock-option pool; it subsequently reduced the pool by 41%, cutting the underlying share count from roughly 319 million to 188 million.

Market reaction

Following the announcement, Metaplanet’s shares closed 1.5% lower on the Tokyo exchange, extending a 12-month decline of about 52.6%.

Why it matters

The bond issuance demonstrates how a cryptocurrency-focused treasury can leverage traditional finance instruments to manage debt without liquidating digital assets. The approach may set a precedent for other firms holding large Bitcoin positions that wish to maintain exposure while strengthening their balance sheets.