Metaplanet Convertible Bonds Raise $340 Million for Debt Repayment and Buybacks

The Metaplanet Convertible Bonds will enable the company in Japan to raise around ¥51.9 billion (equivalent to $340 million) to pay off Bitcoin-backed debts and buy back shares. According to a filing on October 13, the Japanese company said that the zero-coupon bonds due to mature in 2031 won’t finance any further investments in Bitcoin. This strategy now puts the spotlight on repaying debt and rewarding shareholders rather than investing in Bitcoin. Metaplanet, headed by CEO Simon Gerovich, had approximately 44,000 BTC in its possession at the end of September.