Metaplanet seeks $340M to repay Bitcoin loans, buy back shares

Oct 13, 2026

Japanese Bitcoin treasury company Metaplanet has announced plans to issue ¥52 billion, approximately $340 million, in zero-interest convertible bonds due in 2031, using the funds to repay Bitcoin-backed loans and finance share repurchases.

Metaplanet disclosed the financing plan in an October 13 filing with the Tokyo Stock Exchange, following a decision by CEO Simon Gerovich under authority granted by its board. The company expects to receive approximately ¥51.9 billion in net proceeds, allocating ¥23.6 billion toward debt repayment and up to ¥28.3 billion for share buybacks. The bonds are scheduled for issuance on October 29, 2026.

Metaplanet convertible bonds will fund debt repayment

Under the agreement, Metaplanet will issue unsecured, zero-coupon convertible bonds with a total principal amount of ¥52 billion. The securities mature on October 29, 2031, and carry no periodic interest payments. Investors will have the option to convert their holdings into ordinary shares under the terms specified in the filing.

The company plans to use ¥23.6 billion of the proceeds in November 2026 to repay part of its existing Bitcoin-backed credit facility. As of September 30, Metaplanet had borrowed approximately $650 million through a facility allowing up to $800 million in financing. The repayment will include funds previously borrowed to support the acquisition of Siiibo Securities.

Metaplanet plans ¥28.3 billion in share buybacks

Alongside debt repayment, Metaplanet has allocated up to ¥28.3 billion of the planned proceeds toward repurchasing its ordinary shares between October and December 2026. The company described the purchases as part of its capital allocation strategy, which focuses on improving the amount of Bitcoin attributable to each outstanding share.

The filing identified a planned off-market repurchase of up to ¥25.3 billion through the Tokyo Stock Exchange’s ToSTNeT-3 trading system. Metaplanet said the mechanism would allow it to acquire shares while limiting the effect of large purchases on prices in the regular trading session.

Its board separately approved a share repurchase authorization of up to ¥60 billion and concluded the previous buyback program established in October 2025. The new authorization is larger than the amount specifically earmarked from the convertible bond proceeds.

Zero-interest bonds will mature in October 2031

Metaplanet’s first euroyen-denominated convertible bond offering will be marketed primarily to investors in Europe and Asia, excluding the United States. Merrill Lynch International has been appointed sole bookrunner and lead manager for the transaction.

The bonds have a face value of ¥10 million each, with 5,200 stock acquisition rights attached to the planned issuance. The filing sets the offering price at 102.5% of face value, while investors will pay the company 100% of the principal amount under the issuance structure.

Metaplanet holds 44,000 BTC as financial strategy expands

As of September 30, Metaplanet reported holdings of 44,000 BTC, making Bitcoin its primary treasury reserve asset. Under its revised capital allocation policy, the company plans to keep approximately 85% to 90% of total assets in Bitcoin, with the remaining 10% to 15% allocated to strategic investments and income-generating businesses.

The company has continued developing its financial operations through Project Nova, an initiative designed to build financial products and services around Bitcoin. In July, Metaplanet completed its acquisition of Siiibo Securities for ¥2.1 billion and renamed the business Metaplanet Securities. The subsidiary subsequently began offering Bitcoin-related bond products through its BitBonds program.

Through the subsidiary, the company plans to develop investment products involving Bitcoin-backed credit, stablecoins and tokenized securities. Metaplanet has been working with JPYC and Progmat to examine the use of Bitcoin as collateral for digital financial products, although the proposed services remain subject to development and regulatory requirements.

In the United States, Metaplanet has proposed acquiring control of Nasdaq-listed Super League Enterprise through an investment involving 2,100 BTC and $2.5 million. The company expects to own approximately 95.7% of the business after completion and plans to rename it Superplanet.

According to the October 13 filing, the U.S. transaction remained subject to shareholder approval, applicable SEC and Nasdaq procedures, and other closing conditions. Metaplanet expects to complete the acquisition during the fourth quarter of 2026, after which Superplanet would serve as the group’s U.S. Bitcoin treasury business.

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