Metaplanet finalized the terms of a zero-coupon Euroyen convertible bond due 2031 on October 14, 2026, sized at roughly ¥52 billion, or about $333 million Unlike the company’s prior bond issu
Metaplanet, the Tokyo-listed company that has built one of the largest corporate bitcoin treasuries outside the United States, disclosed on October 14, 2026 that it had finalized the terms of a new zero-coupon convertible bond denominated in euro-yen, carrying stock acquisition rights and maturing in 2031. The bond, sized at approximately ¥52 billion, or roughly $333 million at prevailing exchange rates, will be issued at 102.5% of par and listed on the Singapore Exchange, following a structure the company first proposed in a preliminary notice one day earlier on October 13.
What sets this issuance apart from Metaplanet’s earlier bond offerings is its stated purpose. Rather than funneling proceeds into additional bitcoin purchases, the way several of the company’s prior capital raises have been used, this bond’s proceeds are earmarked for two specific uses: approximately ¥23.6 billion, or about $151 million, is set aside to repay existing bitcoin-collateralized credit financing, while up to ¥28.3 billion, or roughly $181 million, is allocated toward share buybacks. Metaplanet explicitly stated the proceeds are not intended for new bitcoin acquisitions, a notable departure for a company whose public identity has been built almost entirely around accumulating the asset.
Zero-coupon convertible bonds pay no regular interest to holders, instead offering the potential to convert the bond into company shares at a predetermined price if the stock performs well enough, with the issuer benefiting from no ongoing cash interest burden in exchange for diluting shareholders if conversion is ultimately triggered. Issuing at 102.5% of par, slightly above face value, suggests investor demand was strong enough that Metaplanet could price the bond at better-than-par terms, a sign of continued market appetite for the company’s debt despite the proceeds this time being directed toward deleveraging rather than growth.
Repaying bitcoin-collateralized debt reduces the company’s exposure to forced liquidation risk that comes with holding leveraged positions against a volatile asset, since a sharp enough decline in bitcoin’s price could otherwise trigger margin calls on loans secured by that collateral. By using fresh bond proceeds to retire that existing debt, Metaplanet appears to be managing its balance sheet risk even as it maintains its underlying bitcoin holdings untouched by this particular transaction.
Metaplanet disclosed the finalized bond terms alongside a separate notice, also dated October 14, 2026, detailing the results of share repurchases the company conducted through Japan’s ToSTNeT-3 off-auction own-share repurchase trading system, a mechanism Japanese companies commonly use to buy back shares outside regular market hours. Both notices appeared on Metaplanet’s official investor relations disclosure page, which did not provide additional detail on the specific number of shares repurchased or the bond’s underwriters.
This post first appeared in Metaplanet Locks In a $333 Million Bond, This Time to Pay Down Debt Instead of Buying Bitcoin
