Metaplanet announced a new bond issuance worth ¥52 billion, or approximately $329 million. The company plans to use the raised funds to repay Bitcoin-backed loans and buy back its own shares. At the same time, Metaplanet does not intend to sell its BTC.
What bonds the company is issuing
These are convertible euro-yen bonds. These are debt securities denominated in yen that, under certain conditions, can be exchanged for company shares. The coupon on the issue is 0%. Repayment is scheduled for 2031. Thus, the company will not pay interest regularly, and investors are counting primarily on potential share price growth.
Where the money will go
Approximately ¥23.6 billion, or about $149 million, Metaplanet plans to allocate to repay Bitcoin-backed loans. Another ¥28.3 billion, about $179 million, will go toward share buybacks. The total size of the buyback program is estimated at approximately ¥60 billion, or about $380 million.
Why remove Bitcoin from collateral
As long as BTC is used as loan collateral, a drop in its price creates additional risk. The lender may require additional collateral or reduce the debt position. In an extreme case, this could lead to the sale of some of the pledged coins. After refinancing, the secured debt is replaced by unsecured debt, and Bitcoin is released from collateral.
How much BTC Metaplanet holds
The company holds about 44,000 BTC on its balance sheet. At the current market valuation, this is approximately $3.6 billion. Metaplanet remains one of the largest corporate holders of Bitcoin. The new issuance shows that the company is looking for financing methods that allow it to keep its cryptocurrency reserves on its balance sheet.
Why the company is launching a buyback
Metaplanet shares remain under pressure. Over the past year, they have lost more than 50% of their value. Against this backdrop, the company is directing part of the raised capital to buy back shares. At the same time, Metaplanet reduced the option pool for management by approximately 41%, lowering the potential number of new shares.
What is changing in the capital strategy
The company has also expanded its ability to allocate funds. Now up to 15% of assets can be directed into strategic investments. This gives Metaplanet more flexibility between holding Bitcoin, servicing debt, buying back shares, and new investments.
Why this matters for the Bitcoin market
Large corporate holders are increasingly trying to use Bitcoin as part of their capital structure without selling the coins themselves. For the market, this is an important signal. If a company can refinance debt without selling BTC, no supply pressure arises from a large holder. At the same time, the risk of forced liquidation of collateral during a sharp price drop is reduced.
What's next
The main question is how successfully Metaplanet can replace secured debt with a new bond issuance. The market will also be watching how the company allocates capital between the buyback, debt obligations, and new investments. For Bitcoin, this is another example of how large holders try to keep coins on their balance sheet even when they need to raise liquidity.
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