Key Takeaways
- • Metaplanet plans to issue ¥52 billion in zero-interest convertible bonds maturing in October 2031, led by Merrill Lynch International, according to the primary source.
- • Proceeds are earmarked to repay ¥23.6 billion of Bitcoin-backed debt and to allocate up to ¥28.3 billion for share repurchases.
- • The refinancing replaces higher-cost Bitcoin-collateralized loans with longer-term unsecured debt, reducing borrowing costs and freeing part of the company's Bitcoin collateral.
- • Metaplanet holds 44,000 BTC but had exceeded its preferred borrowing ratio, prompting the restructuring.
- • The convertible structure allows conversion into shares, which could affect the company's share count.
Summary
Metaplanet plans to issue ¥52 billion in zero-interest convertible bonds maturing in 2031, according to the primary source. The bonds are led by Merrill Lynch International. The company intends to use the proceeds to repay ¥23.6 billion of debt collateralized by Bitcoin and to allocate up to ¥28.3 billion toward share repurchases.
The transaction replaces higher-cost Bitcoin-collateralized loans with longer-term unsecured debt. Management's stated rationale is to reduce borrowing costs and release a portion of the Bitcoin that currently serves as loan collateral. Metaplanet holds 44,000 BTC but had exceeded its preferred borrowing ratio against that holding, which prompted the refinancing and buyback strategy aimed at improving shareholder value.
Because the bonds can be converted into equity, conversion could change the company's share count. The bonds mature in October 2031.
Separate publisher coverage of earlier Metaplanet zero-interest bond issues, including ¥8 billion (about $50 million) raises used to buy additional bitcoin, describes the company's ongoing practice of funding bitcoin purchases with zero-coupon debt. Those reports relate to prior financings and are not the subject of the current ¥52 billion plan.
Pluang's same-day market snapshot for October 13, 2026 at 16:31 WIB showed 7 of 50 major cryptocurrencies rising and 42 falling, with ZIL down 6.33%, THETA down 6.25%, and KSM down 6.24%. That data is market context only and is not directly tied to the Metaplanet financing.
The transaction replaces higher-cost Bitcoin-collateralized loans with longer-term unsecured debt. Management's stated rationale is to reduce borrowing costs and release a portion of the Bitcoin that currently serves as loan collateral. Metaplanet holds 44,000 BTC but had exceeded its preferred borrowing ratio against that holding, which prompted the refinancing and buyback strategy aimed at improving shareholder value.
Because the bonds can be converted into equity, conversion could change the company's share count. The bonds mature in October 2031.
Separate publisher coverage of earlier Metaplanet zero-interest bond issues, including ¥8 billion (about $50 million) raises used to buy additional bitcoin, describes the company's ongoing practice of funding bitcoin purchases with zero-coupon debt. Those reports relate to prior financings and are not the subject of the current ¥52 billion plan.
Pluang's same-day market snapshot for October 13, 2026 at 16:31 WIB showed 7 of 50 major cryptocurrencies rising and 42 falling, with ZIL down 6.33%, THETA down 6.25%, and KSM down 6.24%. That data is market context only and is not directly tied to the Metaplanet financing.
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