Metaplanet raises $328M through Euro-Yen convertible bond to cut debt and buy back shares

Metaplanet is borrowing money to pay off borrowed money. That sounds like a personal finance red flag, but in corporate treasury land it can be a perfectly reasonable move. The Tokyo-listed Bitcoin treasury company plans to raise ¥52 billion through zero-coupon Euro-Yen convertible bonds, with proceeds earmarked for repaying debt and repurchasing shares. Reported dollar conversions range from $328 million to approximately $333 million, depending on the exchange rate used. What Metaplanet is actually doing The company announced the offering on October 13, 2026. The bonds mature on October 29, 2031, and carry a 0% coupon. The bonds are being issued at 102.5% of par. Put simply, investors are paying slightly more than face value for paper that pays nothing in interest, which tells you how much they value the equity upside. Merrill Lynch International is leading the deal. Closing and a listing on the Singapore Exchange are planned for October 29, 2026. Net proceeds are expected to come to about ¥51.9 billion. Here is how Metaplanet plans to split the money: Debt repayment: approximately ¥23.6 billion ($151 million) to repay Bitcoin-backed credit facilities. Share buybacks: up to ¥28.3 ...