Metaplanet targets $340M in zero-interest bonds to restructure debt

The convertible bonds, maturing in October 2031, are part of a strategic pivot to replace expensive, short-term debt with long-term, unsecured obligations. Metaplanet reported that its Bitcoin-backed borrowing reached approximately $650 million by the end of September, pushing its leverage ratio to 17.7%. This figure exceeded the company's internal policy limit of 10%, prompting the move to reduce reliance on leveraged assets and release pledged Bitcoin back into its treasury.

Beyond debt restructuring, the firm has earmarked up to ¥28.3 billion for share buybacks through December 2026. By repurchasing shares at a market value that it deems lower than its underlying Bitcoin holdings, Metaplanet aims to increase the amount of Bitcoin attributable to each remaining share. Merrill Lynch International will lead the international offering, which will exclude investors in the United States. While the capital raise is significant, the company clarified that these proceeds are strictly for restructuring and buybacks rather than the direct purchase of additional Bitcoin. The firm currently maintains a treasury of 44,000 BTC, which remains the core of its corporate financial strategy.