Metaplanet to Repay Bitcoin Loans and Buy Back Shares

Published: 2026-10-13 10:53:36 |

Metaplanet plans to raise ¥52 billion (about $329 million) through zero-coupon convertible bonds due in 2031, priced at 102.5% of face value. The deal is scheduled to close and list on the Singapore Exchange on October 29, 2026. Metaplanet expects net proceeds of about ¥51.9 billion, using roughly ¥23.6 billion to repay Bitcoin-backed loans and up to ¥28.3 billion for share buybacks. The buybacks are part of a ¥60 billion programme running through October 2027 and could cover about 7.1% of outstanding shares. The financing is intended to reduce Metaplanet’s reliance on Bitcoin-collateralized borrowing without selling its BTC holdings. As of September 30, 2026, Metaplanet held 44,000 BTC, valued at about $3.6 billion, and was described as the second-largest publicly listed corporate Bitcoin holder. Its Bitcoin-backed debt stood at about $650 million, or 17.7% of Bitcoin net asset value—above its 10% leverage target. Repayment would reduce, but not eliminate, that debt. The convertible bonds may dilute shareholders if converted, while the buybacks would reduce the share count. In the latest update, Metaplanet shares were down 1.5% in Tokyo on Tuesday and 52.6% over 12 months. The financing does not involve a planned BTC purchase or sale, so its direct effect on Bitcoin trading is limited.

Neutral

The deal has no stated plan to buy or sell BTC, so it does not create a direct change in spot demand or supply. Repaying part of Metaplanet’s Bitcoin-backed debt could lower leverage and reduce the risk that falling BTC prices trigger collateral pressure or forced sales. That is a modestly supportive factor for market stability, particularly over the longer term. However, the company will still carry Bitcoin-backed debt above its stated leverage target after the repayment, and the bond proceeds are also earmarked for share buybacks rather than additional BTC purchases. In the short term, traders may view the announcement mainly as a corporate financing and capital-allocation update, with little direct impact on BTC price. Any indirect sentiment effect is likely to be limited and could depend on the bond conversion terms, future debt reduction and Metaplanet’s subsequent Bitcoin holdings.