Metaplanet Issues Bonds to Repay Debts

Japanese company Metaplanet announced the issuance of convertible bonds worth ¥52 billion (approximately $340 million) with a zero coupon and maturity in 2031. The funds will be directed towards repaying bitcoin-backed loans and share buybacks.

The bonds will be issued on October 29, 2026, with maturity on October 29, 2031. Expected net proceeds are about ¥51.9 billion: ¥23.6 billion in November 2026 will go towards partial repayment of the bitcoin-backed credit line, up to ¥28.3 billion for share buybacks in October–December. As of September 30, the company had raised about $650 million under a line allowing up to $800 million.

The new policy suggests that the debt backed by bitcoin generally remains below 10% of the net value of bitcoin assets. At the end of September, the figure reached 17.7%, exceeding the set level.

Up to ¥25.3 billion of the buyback amount will go through the ToSTNeT-3 off-exchange system of the Tokyo Stock Exchange. The board of directors separately approved a buyback program of up to ¥60 billion. If the entire limit of ¥25.3 billion is used, the company estimates a possible buyback of approximately 97.94 million shares – about 7.1% of those issued. The ToSTNeT-3 transaction is scheduled for October 14.

This is Metaplanet's first issuance of euro-yen convertible bonds, targeting investors in Europe and Asia, excluding the US. The sole bookrunner is Merrill Lynch International. The nominal value is ¥10 million per bond, with 5,200 rights to acquire shares attached to the issuance. The placement price is 102.5% of the nominal value. The initial conversion price has not yet been determined; the conversion right is valid from November 12, 2026, to October 15, 2031. The company may redeem the bonds early from October 29, 2029, if the share price reaches at least 160% of the conversion price for 20 out of 30 trading days.

As of September 30, Metaplanet owned 44,000 BTC. According to the updated policy, 85–90% of assets are planned to be held in bitcoin. In July, the company acquired Siiibo Securities for ¥2.1 billion and renamed it Metaplanet Securities, launching the BitBonds program. In the US, Metaplanet proposed to gain control over Nasdaq-listed company Super League Enterprise through an investment of 2,100 BTC and $2.5 million with a renaming to Superplanet.