Metaplanet Issues $329M in Zero-Coupon Bonds to Repay Bitcoin Loans and Buy Back Shares
Published October 14, 2026, 03:55 UTC. Based on Metaplanet's financing announcement of October 13, 2026, CEO Simon Gerovich's October 13, 2026 post on X, and reporting by Cointelegraph, BitcoinTreasuries.net, The Coin Republic and Crypto-Economy.
Metaplanet plans to raise ¥52 billion (about $329 million) by issuing zero-coupon euro-yen convertible bonds maturing in 2031, the Tokyo-listed bitcoin treasury company announced on October 13. The company expects about ¥51.9 billion in net proceeds and said it will use roughly ¥23.6 billion ($149 million) to repay bitcoin-collateralized loans and up to ¥28.3 billion ($179 million) to buy back its own shares.
The ¥52 billion bond deal
The bonds pay no periodic interest and will be issued on October 29 with a maturity date of October 29, 2031, according to reporting on the announcement. The issue price is 100% and the offer price 102.5%, Merrill Lynch International is acting as lead manager, the bonds are slated for listing on the Singapore Exchange, and the offering targets investors primarily in Europe and Asia, excluding the United States. The financing is designed to replace part of Metaplanet's interest-bearing, bitcoin-collateralized debt with unsecured debt that requires no regular coupon payments.
The ¥60 billion buyback program
Alongside the bonds, Metaplanet's board approved a new share repurchase program authorizing up to 200 million shares or ¥60 billion (about $380 million) in buybacks, running from October 14, 2026 to October 13, 2027. The program replaces last year's ¥75 billion authorization, under which the company never bought a single share. As an immediate step, Metaplanet said up to ¥25.3 billion ($160 million) of stock would be bought in a block trade through the Tokyo Stock Exchange's ToSTNeT-3 system on the morning of October 14, covering as many as 96,934,800 shares, about 7.1% of the stock outstanding.
Buying "at a discount to net asset value"
CEO Simon Gerovich tied the two moves together in a post on X, arguing the bonds pay for buying back stock "at a discount to net asset value" and free up bitcoin pledged as collateral. Convertible bond investors often hedge by shorting the stock, and Gerovich said the buybacks are meant to absorb that selling pressure. He plans to lend up to 55 million of his own shares to the bond manager for hedging, via Gerovich Family Holdings, which he wholly owns, and noted no new shares are being issued under the program. He and the company also agreed to a 45-day lock-up.
90% off the peak
The move follows a bruising year for Metaplanet's stock, which has fallen nearly 90% from its peak, according to CryptoSlate. Shares closed 1.5% lower in Tokyo on Tuesday, extending a 52.6% twelve-month slide, according to Yahoo Finance. The company holds 44,000 BTC worth about $3.6 billion, making it the second-largest bitcoin treasury firm, according to BitcoinTreasuries. Management has faced shareholder criticism since September, when it proposed expanding the Series 10 executive stock option pool almost sevenfold, then cut the pool by 41% in October, and earlier this month the company revealed a revised capital allocation framework proposing to direct up to 15% of total assets to strategic investments.
Freeing the pledged bitcoin
The stated goal of the restructuring is to cut the company's reliance on bitcoin-backed borrowing without selling any of its 44,000 BTC, according to reporting on the announcement. By refinancing secured, interest-bearing credit lines with unsecured zero-coupon convertibles, Metaplanet expects to lower borrowing costs, release pledged bitcoin and improve financial flexibility. The new obligations initially increase total liabilities rather than eliminate debt, and liabilities would decline if bondholders convert into shares or the company repays the notes.
This article is news reporting and is not investment advice.
Sources
- Metaplanet financing announcement, October 13, 2026, primary source for the ¥52 billion bond issue, the zero-coupon 2031 terms, the ¥23.6 billion loan repayment and ¥28.3 billion buyback allocations, the ¥60 billion buyback program, and the ToSTNeT-3 block trade
- Simon Gerovich, post on X, October 13, 2026, primary source for the "discount to net asset value" rationale, the 55 million share hedge loan via Gerovich Family Holdings, and the 45-day lock-up
- Cointelegraph, "Metaplanet to Issue $329M Convertible Bonds to Pay Debt, Fund Share Buybacks" (October 13, 2026), secondary source for the bond terms, Merrill Lynch International's lead role, the Singapore listing, the 44,000 BTC treasury and the 12-month share decline
- BitcoinTreasuries.net, "Metaplanet to Repay Bitcoin-Backed Loan With ¥52B Bond Sale" (October 13, 2026), secondary source for the block trade size and share count, the unused ¥75 billion prior program, and the treasury holding data
- The Coin Republic, "Metaplanet Plans ¥52B Bond Deal to Repay Bitcoin Loans and Buy Back Shares" (October 13, 2026), secondary source for the November loan repayment timing, the October 29 issuance date, and the Gerovich X post details
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