Metaplanet Plans $329M Bond Offering and $380M Buyback After Stock Crash

Japanese Bitcoin treasury company Metaplanet has announced a ¥52 billion ($329 million) zero-coupon convertible bond offering to refinance its debt and fund share repurchases. The company plans to use $149 million of the new proceeds to pay down its existing $800 million Bitcoin-collateralized credit facility, reducing outstanding borrowing from $649.5 million to approximately $500.5 million. This repayment aims to lower Metaplanet's borrowing ratio from 17.7% of its Bitcoin reserve value to roughly 13.6%, though this remains above management's target ceiling of 10%. Alongside the bond issuance, the firm terminated a previous unused repurchase plan and authorized a new $380 million buyback program targeting up to 200 million shares, representing 14.7% of its outstanding stock. CEO Simon Gerovich has agreed to lend up to 55 million personally held shares to support hedging activities for the convertible bonds, an arrangement that could introduce new selling pressure on the market.