UPDATED, 14 Oct, 03:47 UTC (05:47 CEST): Metaplanet bought back 73,981,400 shares at ¥261 through ToSTNeT-3 on 14 Oct, about ¥19.3 billion (roughly $122 million), against the 96,934,800 it had offered to buy, according to the Japan Exchange Group’s off-auction repurchase table. The company also set the bonds’ conversion price at ¥339, a 29.89% premium to the 13 Oct close of ¥261, in a Japanese-language notice (our translation). If every bond converted at that price, the new shares would equal 11.24% of shares outstanding at 30 Sep, the notice says. Allotment and payment are due on 29 Oct, conversion opens on 12 Nov, and the bonds mature on 29 Oct 2031.
Metaplanet Inc. will issue ¥52 billion (about $328 million) of zero-coupon Euro-Yen convertible bonds with stock acquisition rights due 2031, the Tokyo-listed bitcoin treasury company said on 13 Oct. Net proceeds of about ¥51.9 billion are earmarked for debt repayment and share buybacks. It is the company’s first Euro-Yen convertible of this type.
The capital structure is the story, not a fresh bitcoin purchase. Metaplanet held 44,000 BTC at the end of September, the notice says, and its Bitcoin-collateralised credit facility stood at about $649.5 million against an $800 million maximum — roughly 17.7% of BTC NAV, above its own guideline of keeping that ratio below 10%. CryptoWatchDesk last touched Metaplanet in the 11 Oct Asia Ten.
| Use of proceeds (company plan) | Amount |
|---|---|
| Aggregate principal | ¥52.0B (~$328M) |
| Expected net proceeds | ~¥51.9B |
| Repay Bitcoin-collateralised borrowings | ~¥23.6B (Nov 2026) |
| Share repurchases | up to ~¥28.3B (Oct–Dec 2026) |
| Coupon / maturity | 0% / Oct 2031 |
| Closing / listing | 29 Oct 2026 / SGX-ST |
Source: Metaplanet TDNET notices, 13 Oct 2026. USD at ¥1 = $0.006307 (12 Oct close).
The bonds are unsecured, offered mainly in Europe and Asia excluding the United States, and will not be registered under the US Securities Act, the English notice says. Merrill Lynch International is sole bookrunner per the supplementary materials. The company intends to set the conversion price at a premium to the resolution-day close and at a level where mNAV would exceed 1.0x, consistent with its capital-allocation policy.
Separately, the board ended a prior repurchase authorisation that had bought zero shares since 1 Oct and set a new programme of up to ¥60 billion and 200 million shares through 13 Oct 2027. Of that, about ¥25.3 billion is planned via ToSTNeT-3 on 14 Oct for up to 96,934,800 shares, the ToSTNeT-3 notice and supplementary say; results are due after 08:45 JST on 14 Oct.
Related: Cipher Digital priced $850 million of 0% converts.
This article is for information only and is not investment advice.