Japanese Bitcoin-focused investment firm Metaplanet says it will raise 52 billion yen (about $329 million) through zero-coupon euro-yen convertible bonds due in 2031, according to a Tuesday company announcement. The financing is designed to strengthen its balance sheet while supporting capital returns to shareholders.

Metaplanet plans to allocate roughly 23.6 billion yen (about $149 million) of the net proceeds to repay Bitcoin-collateralized loans, while setting aside about 28.3 billion yen (about $179 million) for share buybacks. The company says the buybacks are part of a broader repurchase program targeting up to 60 billion yen (about $380 million) in total.

Key takeaways

Metaplanet will issue 52 billion yen in zero-coupon euro-yen convertible bonds due in 2031 to fund treasury and shareholder actions.
About 23.6 billion yen of net proceeds will be used to repay Bitcoin-collateralized loans, reducing reliance on that funding approach.
About 28.3 billion yen will be directed to share buybacks under a program aiming for as much as 60 billion yen total.
Metaplanet says it intends to improve its debt structure without selling any of its Bitcoin holdings.

Convertible bond issuance to reshape funding mix

Metaplanet’s stated goal is to improve its debt profile by cutting how much it depends on loans that are secured by Bitcoin (BTC). In its Tuesday announcement, the company outlined a use-of-proceeds plan that pairs loan repayment with buybacks.

Crucially for investors watching the firm’s BTC strategy, Metaplanet’s debt reduction effort is framed as occurring without any liquidation of Bitcoin holdings. The company’s approach suggests it wants to lower counterparty and refinancing risk associated with collateral-backed borrowing while keeping its core BTC allocation intact.

Buybacks under a larger repurchase program

The share repurchases funded by this round of financing are not a one-off measure. Metaplanet said the 28.3 billion yen earmarked for buybacks falls under a new repurchasing program that targets up to 60 billion yen in total.

From a shareholder perspective, the plan aligns with a capital-return message—especially relevant for a business where BTC exposure can be volatile and where equity value may be influenced by both market sentiment and balance-sheet choices.

On Tuesday in Tokyo, Metaplanet’s share price closed 1.5% lower, according to Yahoo Finance, extending a broader weakening trend. The stock is down 52.6% over the past 12 months, also per Yahoo Finance.

Why loan repayment without selling Bitcoin matters

Metaplanet is commonly tracked as one of Japan’s major “Bitcoin treasury” companies, meaning a significant portion of its value is tied to the performance of its BTC holdings and the mechanics of how it finances that exposure. According to BitcoinTreasuries, Metaplanet holds 44,000 BTC in total, worth about $3.6 billion.

Against that backdrop, repaying Bitcoin-collateralized loans can change the firm’s risk profile even if the company’s BTC holdings remain unchanged. By reducing the amount of collateral-backed debt, Metaplanet may limit the circumstances under which it would need to respond to BTC price movements to maintain loan terms.

The company’s announcement also implies a more deliberate capital structure strategy: borrowing through convertible instruments to fund refinancing and buybacks, rather than selling BTC to raise cash. That matters because BTC sales can introduce a different type of market pressure—both for the company’s treasury position and for how investors interpret its long-term commitment to holding Bitcoin.

Capital allocation scrutiny and evolving payout approach

This announcement comes amid ongoing public scrutiny of Metaplanet’s capital allocation decisions. Earlier this month, Cointelegraph reported that the company revealed a revised framework for allocating capital, proposing that up to 15% of total assets be directed toward “strategic investments” intended to support Bitcoin accumulation and dividend payments.

There has also been controversy around employee and executive equity incentives. In September, Cointelegraph noted that shareholder backlash followed Metaplanet’s expansion of its Series 10 executive stock option pool by nearly sevenfold. On Sept. 11, the Tokyo-based company outlined plans to cut the stock pool by 41% by reducing the number of potential shares underlying the rights by 131.3 million—from 319.464 million down to 188.19 million—back to the level it was before its September 2025 international share offering. The details were reflected in a filing published on TDnet.

Within that context, the current bond-and-buyback plan reads as another piece of a shifting corporate strategy: balancing treasury risk management with shareholder-friendly actions, while continuing to refine how the company deploys capital across BTC accumulation, debt management, and returns.

While investors will focus on the immediate impacts—loan repayment and equity buybacks—the longer-term question is whether the company can sustain this capital structure approach through future market cycles, especially given the stock’s marked decline over the past year.

Going forward, readers should watch how Metaplanet’s buyback execution progresses under the up-to-60 billion yen target, and whether the convertible bond terms and repayment timeline translate into measurable reductions in collateralized borrowing; those details will help clarify how effectively the company can reduce balance-sheet risk without changing its Bitcoin holdings.