Metaplanet to Raise $329M Through Convertible Bonds for Debt Repayment 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.
- The company intends to allocate about ¥28.3 billion ($179 million) for share buybacks as part of a new program targeting total buybacks of up to ¥60 billion ($380 million).
- Metaplanet holds a total of approximately 44,000 BTC, valued at around $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 convertible bonds aims to enhance Metaplanet’s debt structure by reducing reliance on Bitcoin-collateralized loans while preserving its Bitcoin holdings. This strategy comes amid shareholder scrutiny regarding executive stock options and capital allocation frameworks.
With plans to use ¥23.6 billion for debt repayment and ¥28.3 billion for buybacks, Metaplanet is actively restructuring its financial commitments without liquidating any Bitcoin assets.
