Metaplanet has announced almost ¥52 billion ($328.85 million) zero-coupon convertible bond issuance in order to restructure its debt and improve its financial position. It is projected to raise net proceeds of about ¥51.9 billion from the offering. It aims at reducing debt, which could, in turn, help in acquiring Bitcoin in the future.

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Metaplanet Targets Debt Reduction With Zero-Coupon Bonds

Metaplanet is set to use up ¥23.6 billion for the repayment of existing borrowings and will spend up to ¥28.3 billion on share buybacks, the company said in the announcement dated October 13. The company is going to sell the bonds on October 29, 2026.

As of the end of September 2026, Metaplanet’s Bitcoin holdings stood at 44,000 BTC. But its exposure to the volatility of Bitcoin has also grown as it has started to rely on BTC-collateralized borrowing.

As of September 30, the company’s Bitcoin net asset value (BTC NAV) was roughly 17.7% outstanding borrowings. This was above the company’s internal target of 10% or less.

Metaplanet wants to normalise its leverage and get financial space to make other price drops less of a shock if Bitcoin plummets, the company said.

The financing will be used to optimize the company’s debt, the company explained, by switching borrowings secured by Bitcoin with unsecured, long-term financing.

*Notice Regarding Issuance of Zero Coupon Euro-Yen Denominated Convertible Bonds with Stock Acquisition Rights due 2031* pic.twitter.com/Vwn8QTXeWA

— Metaplanet Inc. (@Metaplanet) October 13, 2026

The bonds are to be used for “long-term funds without an interest burden,” the announcement said, for five years to their final maturity.

¥28.3 Billion Set Aside for Share Buybacks

Metaplanet plans to spend ¥23.6 billion of the proceeds on partially repaying its existing credit facility backed by Bitcoin. As of September 30, there were outstanding balances of approximately $649.5 million on the facility, with a borrowing capacity of $800 million.

The rest of the money, ¥28.3 billion, would cover share repurchases from October to December 2026. Should the planned repurchases be lower than the amount of ¥25.3 billion procured by the ToSTNeT-3 transaction, the remaining amount can be used to purchase the market or to repay debt.

Metaplanet will also introduce a new share repurchase program of up to a total of ¥60 billion.

The bonds are zero coupon bonds and are convertible into shares under certain conditions. Metaplanet plans to establish the conversion price at a level where its multiple of NAV is not greater than 1.0x.

The financing was not done with the purpose of increasing the company’s Bitcoin holdings per share at this point, according to the company.