Metaplanet to Raise $329 Million Through Convertible Bonds for Debt and Buybacks
- Metaplanet plans to issue ¥52 billion ($329 million) in zero-coupon, euro-yen convertible bonds due in 2031.
- Approximately ¥23.6 billion ($149 million) will be used to repay Bitcoin-collateralized loans.
- About ¥28.3 billion ($179 million) is allocated for share buybacks as part of a new repurchasing program targeting up to ¥60 billion ($380 million).
- Metaplanet holds a total of approximately 44,000 BTC, valued at $3.6 billion, making it the second-largest Bitcoin treasury firm.
- The company’s share price fell by 1.5% on Tuesday, contributing to a total decline of over 52% in the past year.
The issuance of these convertible bonds aims to enhance Metaplanet’s debt structure while minimizing reliance on Bitcoin-collateralized loans without liquidating any holdings. This strategy comes amid shareholder scrutiny regarding executive compensation and stock options.
With plans to allocate significant funds for both debt repayment and buybacks, Metaplanet seeks to stabilize its financial position while maintaining its substantial Bitcoin assets.(Source)
