CONFIRMED: This is based on Metaplanet’s own stock exchange filing of 13 October 2026.
Metaplanet, the Tokyo-listed company that holds Bitcoin as its main reserve asset, says it will issue ¥52 billion of convertible bonds and use the money to pay down loans backed by its Bitcoin and to buy back its own shares [1].
The bonds are “Zero Coupon Euro-Yen Denominated Convertible Bonds” due 2031, with closing set for 29 October 2026 [1]. The company says this is its first issue of this kind [1].
Where the money goes
Metaplanet expects net proceeds of about ¥51.9 billion [1]:
- About ¥23.6 billion to repay borrowings, expected in November 2026.
- Up to about ¥28.3 billion to buy back its own shares, expected between October and December 2026.
None of it is going on new Bitcoin. The company says the deal “is not itself intended to increase BTC per share immediately” [1].
Why it is doing this
Metaplanet held 44,000 BTC at the end of September 2026 [1].
It has a Bitcoin-backed credit facility of up to US$800 million, of which about US$649.5 million was outstanding on 30 September [1]. Its own rule is to keep those loans below 10% of the value of its Bitcoin. At 30 September they stood at about 17.7% [1].
If the Bitcoin price falls, that ratio gets worse. The company says it wants to bring borrowing back down and “avoid unintended sales of its Bitcoin holdings even in a phase of further decline in Bitcoin prices” [1].
It is frank that total debt will not shrink straight away. The new bonds are debt too. The aim, it says, is to swap some interest-bearing loans secured on its Bitcoin for unsecured, long-term money that pays no cash interest [1].
Convertible bonds and mNAV, plainly
A convertible bond is a loan from investors that can later be turned into shares. “Zero coupon” means Metaplanet pays no interest. Investors accept that because they may be able to swap the bonds for shares if the share price rises above an agreed “conversion price”. If it does not, the company repays the bonds at face value [1].
mNAV is how the market values a Bitcoin treasury company compared with the Bitcoin it owns. Metaplanet defines it as its enterprise value divided by the net value of its Bitcoin [1]. Above 1.0x, investors are paying more than the Bitcoin alone is worth. Below 1.0x, less.
Metaplanet says it will set the conversion price at a premium to its share price and at a level where mNAV would be above 1.0x. Its policy is not to raise money through shares when mNAV is below 1.0x [1]. It warns that this “does not guarantee the level of mNAV at the time of conversion”, since that depends on the Bitcoin price then [1].
Other details
- The bonds are being sold outside Japan and the United States, mainly in Europe and Asia, and are to be listed on the Singapore Exchange, according to the company’s supplementary materials [2].
- Chief executive Simon Gerovich plans to lend up to 55 million of his shares to the bond manager so bond investors can hedge. No new shares are issued by this [1].
- Metaplanet also set up a new share buyback programme of up to ¥60 billion [1].
- The conversion price has not yet been fixed [2].
Sources
- Metaplanet Inc., “Notice Regarding Issuance of Zero Coupon Euro-Yen Denominated Convertible Bonds with Stock Acquisition Rights due 2031” (English abridged translation; the Japanese original prevails), TDnet, 13 October 2026. https://fs2.magicalir.net/tdnet/2026/3350/20261013550010.pdf
- Metaplanet Inc., “Supplementary Materials on the Issuance of Euro-Yen Convertible Bonds and Share Repurchase”, 13 October 2026. https://fs2.magicalir.net/tdnet/2026/3350/20261013550035.pdf
