October 13th 2026, 9:56 AM
Metaplanet Raises $328M Through Euro-Yen Convertible Bond to Cut Debt, Buy Back Shares
Key Summary
Metaplanet, a Tokyo-listed Bitcoin treasury company, raises $328M through Euro-Yen convertible bonds to repay debt and repurchase shares, aiming to optimize its balance sheet and increase Bitcoin exposure per share. The company plans to use the funds to repay $151M in debt and buy back up to $528M in shares, representing 7.1% of outstanding shares.
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What Metaplanet is actually doing
The company announced the offering on October 13, 2026. The bonds mature on October 29, 2031, and carry a 0% coupon. The bonds are being issued at 102.5% of par. Put simply, investors are paying slightly more than face value for paper that pays nothing in interest, which tells you how much they value the equity upside. Merrill Lynch International is leading the deal. Closing and a listing on the Singapore Exchange are planned for October 29, 2026.Why the balance sheet needed attention
Metaplanet held 44,000 BTC as of September 30, 2026. That stack makes it the world’s second-largest listed corporate Bitcoin treasury holder. The company carries approximately $650 million in Bitcoin-backed debt, which works out to 17.7% of its Bitcoin net asset value. Metaplanet’s own target caps that leverage ratio at 10%, so the company is running hotter than its stated comfort zone.From Bitcoin holder to Bitcoin financial platform
The bond deal fits into what Metaplanet calls ‘Project Nova.’ The strategy aims to evolve the company from a firm that simply holds Bitcoin into a broader Bitcoin-centric financial platform that includes financing and asset management alongside the treasury itself.What this means for shareholders and the treasury trade
For Metaplanet shareholders, the deal is a trade-off between two forms of dilution. Convertible bonds can eventually create new shares if holders convert. The buyback program works in the opposite direction by retiring existing shares.Net proceeds and share repurchases
Net proceeds are expected to come to approximately €551.9 billion. Here is how Metaplanet plans to split the money: Debt repayment: approximately €523.6 billion ($151 million) to repay Bitcoin-backed credit facilities. Share buybacks: up to €528.3 billion, equal to roughly 7.1% of outstanding shares.Closing and listing
The bonds are being issued at 102.5% of par. Closing and a listing on the Singapore Exchange are planned for October 29, 2026.#Bitcoin#US#Crypto#Tokyo