Metaplanet issues ¥52 billion zero-interest convertible bonds to repay Bitcoin-backed loans and repurchase shares.

October 13 — Metaplanet, Japan's largest Bitcoin treasury company, announced the issuance of zero-interest euro-yen convertible bonds with a total principal of ¥52 billion, maturing on October 29, 2031. Of this, ¥23.6 billion will be used to repay borrowings under a Bitcoin-collateralized credit facility, and up to ¥28.3 billion will be used to repurchase the company's own shares through methods including ToSTNeT-3. The company emphasized that the funds will not be used directly to increase its Bitcoin holdings.

As of the end of September 2026, Metaplanet held 44,000 BTC. The financing aims to reduce reliance on collateralized borrowings, release some pledged Bitcoin, curb interest-related cash outflows, and increase BTC holdings per share. The conversion price will be set at a level where mNAV is above 1x to control potential dilution. The bonds are expected to be issued on October 29 and are planned to be listed on the Singapore Exchange.