Metaplanet Plans $329M Convertible Bonds for Debt and Buybacks

Japan-based Bitcoin treasury company Metaplanet said it will raise 52 billion yen (about $329 million) through zero-coupon euro-yen convertible bonds due in 2031. The company’s stated plan is to use the proceeds primarily to reduce its reliance on Bitcoin-collateralized borrowing while simultaneously returning capital to shareholders through a renewed buyback program.

According to an announcement released Tuesday, Metaplanet intends to allocate approximately 23.6 billion yen (about $149 million) of the net bond proceeds to repay Bitcoin-collateralized loans and to use 28.3 billion yen (about $179 million) for share repurchases. The buybacks will take place under a new program targeting up to 60 billion yen (about $380 million) in total repurchases.

Key takeaways

• Metaplanet plans to issue 52 billion yen in zero-coupon euro-yen convertible bonds due 2031.
• About 23.6 billion yen will go toward repaying Bitcoin-collateralized loans.
• Roughly 28.3 billion yen is earmarked for share buybacks, under a program targeting up to 60 billion yen.
• The company says it aims to improve its debt structure without selling any Bitcoin holdings.
• Metaplanet’s shares fell in Tokyo on Tuesday, extending a long-running decline.

Debt reshaping without liquidating Bitcoin

A central part of Metaplanet’s bond plan is how it treats its existing exposure to Bitcoin-collateralized loans. The company says it wants to strengthen its debt profile by repaying those loans using the proceeds from the new convertible issuance—explicitly doing so without selling any of its BTC holdings.

This matters for Metaplanet because treasury firms that hold Bitcoin often face a structural tension: they may need liquidity or balance-sheet flexibility, but selling BTC can undermine long-term accumulation strategies. By using bond proceeds to reduce collateral-backed borrowing, Metaplanet is effectively trying to lower leverage pressures while preserving its BTC position.

Convertible bond proceeds and the buyback program

Under the terms described in the company’s Tuesday announcement, the net proceeds from the zero-coupon euro-yen convertible bonds will be split between loan repayment and shareholder returns.

Metaplanet’s repayment target of 23.6 billion yen is intended to reduce dependence on loans secured by Bitcoin. Meanwhile, 28.3 billion yen will be used for share repurchases. The repurchases are tied to a broader new buyback initiative that could reach 60 billion yen in total.

In practical terms, the approach combines two levers: balance-sheet management (paying down collateralized liabilities) and capital allocation (repurchasing shares). Investors will likely watch how quickly the buybacks occur and whether the company subsequently returns to other forms of capital use—especially given the debt and Bitcoin holding relationship that defines Metaplanet’s business model.

Bitcoin treasury size and market reaction

Metaplanet is described as the second-largest Bitcoin treasury firm by total holdings, with 44,000 BTC reported as of the data compiled by BitcoinTreasuries. That holding is valued at about $3.6 billion according to BitcoinTreasuries.

Despite the company’s capital-structure plan, Metaplanet’s stock performance in Tokyo suggested investors were not immediately reassured. The shares closed 1.5% lower on Tuesday, according to Yahoo Finance, bringing the stock’s 12-month decline to 52.6%.

The disconnect between operational financing moves and share price can reflect several possibilities—timing of market expectations, sensitivity to broader equity conditions, or simply skepticism about whether buybacks and balance-sheet changes will translate into improved outlook. Whatever the cause, the latest bond announcement adds another data point to a period of volatility for Metaplanet’s equity.

Recent strategy updates and governance pressure

The bond issuance and buyback plan land in the middle of a wider set of corporate decisions that have drawn scrutiny and required adjustments to Metaplanet’s capital allocation framework.

Earlier this month, Metaplanet disclosed a revised capital allocation structure that proposes allocating up to 15% of total assets to strategic investments. The stated goal of that allocation is to support Bitcoin accumulation and dividend payments.

Separately, management faced shareholder backlash in September after expanding Metaplanet’s Series 10 executive stock option pool by nearly sevenfold. On Sept. 11, the company outlined plans to cut the stock pool by 41% by reducing the number of potential shares underlying the rights from 319.464 million to 188.19 million—a level described as comparable to the position prior to its September 2025 international share offering.

Taken together, these developments show an ongoing balancing act: Metaplanet is attempting to pursue Bitcoin-related strategy while also addressing investor concerns around capital allocation and equity compensation. The bond-and-buyback package may be viewed as an effort to demonstrate financial discipline through debt reduction, but it also raises questions about how the company’s priorities will be sequenced—particularly if equity governance debates resurface.

Going forward, readers should watch for details on how the convertible bonds’ structure could affect future dilution expectations, how quickly the company executes the buybacks, and whether the planned loan repayments translate into measurable improvements in Metaplanet’s debt dynamics without forcing any BTC sales.