#MetaplanetPlans52BillionYenZeroCouponConvertibleBonds ¥52 Billion Financing, Bitcoin-Backed Debt Reduction and a New Share Buyback Strategy

Metaplanet is taking a significant step in reshaping its Bitcoin treasury financing. On October 13, 2026, the Tokyo-listed company announced plans to issue ¥52 billion (approximately $329 million) in zero-coupon, euro-yen convertible bonds due in 2031. The latest official disclosures, updated October 14, add an important dimension to the story: the bond terms are being finalized alongside a broader capital-allocation strategy.

The headline number is substantial, but the real story is how Metaplanet intends to use the capital. Rather than directing the proceeds toward additional Bitcoin purchases, the company plans to refinance part of its existing Bitcoin-collateralized borrowing and repurchase its own shares. This changes the focus from expanding the treasury immediately to improving financial flexibility and managing shareholder value.

1. Where Will the ¥51.9 Billion in Net Proceeds Go?

Metaplanet expects approximately ¥51.9 billion in net proceeds from the ¥52 billion bond issuance.

• **¥23.6 billion for debt repayment:** The company expects to use these funds in November 2026 to repay part of its existing Bitcoin-collateralized credit facility.

• **Up to ¥28.3 billion for share repurchases:** These funds are intended for buybacks between October and December 2026, subject to the company's stated allocation plan.

• **No direct Bitcoin purchases:** The financing is not intended to increase Bitcoin holdings immediately.

The distinction is important. Metaplanet is changing its financing structure rather than using this particular fundraising round to add BTC to its treasury.

2. Why Replace Bitcoin-Collateralized Loans?

Metaplanet held 44,000 BTC at the end of September 2026. Its Bitcoin-collateralized credit facility had approximately $649.5 million outstanding against a maximum facility amount of $800 million.

The company reported that outstanding borrowing represented approximately 17.7% of its Bitcoin net asset value at September 30, above its internal guideline of keeping this ratio below 10%.

This creates a financial-management challenge. If Bitcoin's market price falls, the net asset value of the holdings can decline while the outstanding debt remains. That can increase leverage relative to the treasury and potentially constrain future decisions.

By replacing part of its secured borrowing with unsecured, zero-coupon convertible bonds, Metaplanet aims to reduce dependence on Bitcoin collateral, limit cash-interest outflows, and improve its ability to manage the treasury during market volatility.

3. Zero Coupon Does Not Mean Zero Risk

The bonds carry a 0% coupon and are scheduled to mature in 2031. They provide long-term financing without regular cash-interest payments, but they are still liabilities.

Metaplanet explicitly states that total liabilities will increase immediately following issuance. The objective is therefore not an immediate reduction in total debt, but an improvement in its composition.

The bonds also carry conversion rights that may result in future share issuance. Although the company intends to set the conversion price above the prevailing share price and at a level corresponding to an mNAV above 1.0x at the time of the issuance resolution, future dilution cannot be ruled out. The actual valuation multiple at conversion will also depend on Bitcoin's price and the company's financial position at that time.

4. Why Allocate Up to ¥28.3 Billion to Buybacks?

Metaplanet's capital-allocation policy connects its Bitcoin treasury, financing decisions, and share repurchases. Buybacks can reduce the number of outstanding shares and may improve Bitcoin exposure per remaining share, depending on the repurchase price and other changes in the balance sheet.

The company has also established a new share-repurchase program with a maximum aggregate authorization of ¥60 billion.

However, repurchases funded with new borrowing must be assessed carefully. Investors should compare the cash spent, the debt retained, the potential reduction in outstanding shares, and the possibility of future dilution from bond conversion. A buyback authorization does not guarantee that every authorized purchase will occur or that the market price will rise.

5. The Metrics That Matter Next

The most useful indicators to follow are:

• The final conversion price and the potential impact on future share dilution.

• The actual amount of Bitcoin-collateralized debt repaid in November.

• The total shares repurchased and the average purchase price.

• The updated borrowing-to-BTC-NAV ratio after the refinancing.

• Bitcoin holdings, cash reserves, and the cost of servicing remaining obligations.

• The difference between changes in Bitcoin's market value and changes in Metaplanet's share price.

These figures will help investors determine whether the financing structure delivers the intended financial flexibility without introducing excessive new risks.

The Bigger Picture

Metaplanet's ¥52 billion bond plan highlights an important evolution in corporate Bitcoin treasury management. Building a large BTC reserve is only one part of the strategy; financing that reserve sustainably is equally important.

Replacing secured, interest-bearing borrowing with unsecured, zero-coupon convertible debt could reduce immediate cash-interest pressure and release Bitcoin from collateral arrangements. Yet the transaction also increases liabilities and introduces potential equity dilution.

The ultimate test will be whether the company can maintain its Bitcoin exposure, manage leverage within its stated policy, and execute share repurchases without compromising long-term financial flexibility.

Is Metaplanet making a sensible move by prioritizing debt restructuring and share buybacks over immediate Bitcoin accumulation? Which matters more to you: reducing financing pressure, increasing BTC exposure per share, or limiting future dilution?