Japan-based cryptocurrency Metaplanet has announced the issuance of 52 billion ¥0, 2031 zero-coupon convertible bonds. Metaplanet aims to redeem or buy back its shares with the funds and reduce its borrowing costs. The deal is set to be listed on the Singapore Exchange. The information was shared on October 13, 2026.
Metaplanet expects to raise 51.9 billion ¥ in net proceeds from the issuance, which is expected to settle on October 29, 2026. The bonds do not pay any coupons and are due on October 29, 2031, unless converted to shares in accordance with the terms of the issue.
Today Metaplanet announced that it will issue ¥52bn of zero-coupon Euro-yen convertible bonds due 2031, together with a concurrent share repurchase.
These initiatives are interconnected. The issuance funds the repurchase of our shares at a discount to net asset value, reduces secured borrowing, and releases bitcoin currently pledged as collateral – all with debt that carries no regular interest payments.
I need to limit my comments because, as the bonds are not being offered in the U.S., we are highly constrained in what we can communicate from a regulatory perspective.
But today’s announcement serves an important purpose at this time. Up to ¥28.3 billion of proceeds will be used to repurchase our shares as part of our ¥60bn repurchase program. Up to ¥25.3 billion of this will be executed through an off-auction block trade (ToSTNeT-3) this morning, up to 96,934,800 shares, or 7.1% of shares outstanding, with the balance through market purchases. With our shares trading below the value of our bitcoin holdings, buying them back at these prices captures that discount for shareholders.
Conducting the repurchase concurrently with the bond offering also helps absorb trading activity associated with convertible investors hedging their positions, supporting better pricing for the bonds. Any funds not used during the concurrent repurchase will be applied to subsequent share repurchases or to the repayment of our credit facility.
A further ¥23.6bn will be used to partially repay our credit facility, releasing bitcoin pledged as collateral. This gives us greater financial flexibility to acquire more bitcoin while advancing other strategic initiatives, including our Net Interest Income Strategy.
The initial conversion price is set at a premium to both the current share price and 1.0x mNAV at launch. So, we are buying back shares below the value of our bitcoin holdings, while new shares would only be issued upon conversion at a price above that value.
The bonds are yen-denominated, senior unsecured obligations being placed with international investors that are non-U.S. persons exclusively outside the United States, broadening our investor base. They are supported by our balance sheet and credit rather than specific collateral.
Our total debt will increase, but its composition will improve. Secured, interest-bearing borrowing is replaced with unsecured, non-interest-bearing debt. The result is lower interest costs, a longer tenor on our borrowings, a meaningful repurchase of outstanding shares at a discount, and greater credit capacity to execute our strategic initiatives.
Separately, as announced on August 18, our investment in Super League Enterprise (Nasdaq: SLE) is expected to close shortly, subject to SLE shareholder approval and other closing conditions, after which SLE will be renamed Superplanet, Inc. I will have more to say about that at closing.
For more information, see here the full legal notice in English: https://t.co/QaRchVIcG2 and a presentation deck that describes the issuance and repurchase succinctly: https://t.co/BoH7ShhEbD
— Simon Gerovich (@gerovich) October 13, 2026
The company will use approximately 23.6 billion ¥ of the issuance proceeds to repay borrowings that are collateralized with its Bitcoin (BTC) in November 2026. As of September 30, 2026, Metaplanet had 44,000 BTC on its books, equivalent to 23.6 billion ¥, and a total loan amount outstanding of approximately $649.5 million was outstanding under a credit facility with a maximum limit of $800 million.
The company aims to reduce its reliance on leveraged debt as much as possible. In particular, the early repayment of some loans will allow Metaplanet to release collateral BTC. The company has set a target of keeping loans to less than 10% of its Bitcoin net asset value.
In addition, the company expects to use 28.3 billion ¥ to buy back its shares in the market during the period from October 2026 to December 2026. In this case, a share buyback involves the company purchasing its shares from the market, which reduces the total number of shares outstanding and increases the value of each remaining one. This should affect the company’s BTC weight per share favorably.
On the other hand, the bonds can be converted to ordinary shares and increase the company’s share capital, which may dilute the value of existing shareholders’ stakes. However, Metaplanet is targeting an initial conversion price of its bonds in excess of the share price in line with its policy of issuing new ordinary shares. The policy implies that mNAV (metaverse network-adjusted value) should exceed 1.0 times the value of equity.
The issuance is part of Metaplanet’s broader Project Nova initiative, which envisions moving from a pure custodian provider of BTC to a multi-service financial organization raising capital, managing assets, and providing settlement services.
As of September 30, 2026, Metaplanet has 44,000 BTC under management, and it expects to keep 85-90% of the total value of its assets under management in BTC in accordance with the updated capital allocation policy.
Crucially, the company has stressed that the issuance of bonds will not be used to purchase additional BTC. On the contrary, Metaplanet wants to optimize its liabilities, reduce the dilution risks to equity holders and take advantage of the financial flexibility provided by the issuance to continue to grow its business in the BTC market.
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