Metaplanet Trades Bitcoin-Backed Loans for ¥52 Billion in Zero-Coupon Bonds

Metaplanet is restructuring how it borrows. The Tokyo-listed Bitcoin treasury firm said it will issue ¥52 billion — roughly $340 million — in zero-coupon convertible bonds maturing in October 2031.

The money isn't for buying more Bitcoin

None of the proceeds go toward new BTC purchases. Instead, ¥23.6 billion is earmarked to repay part of an existing Bitcoin-backed credit facility in November, with up to ¥28.3 billion set aside for share buybacks through December.

The company had borrowed about $650 million against a facility that allows up to $800 million, as of September 30. Swapping that collateralized debt for unsecured obligations should cut borrowing costs and free up Bitcoin currently pledged as collateral.

Buying back 7.1% of the float

The buyback runs through ToSTNeT-3, the Tokyo Stock Exchange's off-hours mechanism. Metaplanet is targeting 96,934,800 shares at 261 yen each — about 7.1% of issued stock excluding treasury shares, or roughly ¥25.3 billion.

Orders execute at 8:45 a.m. on October 14, and results are published afterward. The company frames the whole package as a Bitcoin-per-share play: fewer shares outstanding means each remaining share stands for more BTC.

Why it matters

Metaplanet holds 44,000 BTC, a scale the company describes as among the world's largest for a listed firm. The filing does acknowledge a catch — the bond sale will initially increase total liabilities.

Debt only shrinks if holders convert into shares or Metaplanet repays it. A revised policy now says Bitcoin-backed borrowing should generally stay below 10% of the company's Bitcoin net asset value.

This deal is the first serious test of that pivot, trading hard collateral requirements for unsecured credit. If the convertibles get converted, the debt shrinks. If they don't, the liability sits on the books.