Metaplanet Plans 52 Billion Yen Zero-Interest Convertible Bond Sale to Refinance Bitcoin Loans and Buy Back Shares

Metaplanet, the Japanese Bitcoin treasury company, announced plans to issue 52 billion yen (approximately 329 million US dollars) in zero-interest Euro-Yen convertible bonds maturing in 2031 to restructure its balance sheet and reduce its dependence on Bitcoin-collateralized borrowing.

The proceeds will be used to replace existing Bitcoin-backed loans with unsecured debt, eliminating the collateral risk that comes with secured borrowing against the company's Bitcoin holdings. Up to 28.3 billion yen of the total raise is earmarked for share repurchases, a move the company says is aimed at optimizing its balance sheet and enhancing shareholder value.

By refinancing secured debt with zero-interest convertible bonds, Metaplanet avoids having to liquidate any of its Bitcoin holdings to service its obligations. The five-year maturity and zero-coupon structure keep cash costs at zero while giving bondholders the option to convert into equity, aligning the instrument with the company's broader strategy of building a Bitcoin-focused financial platform.