Metaplanet plans $328M bond sale to cut Bitcoin-backed debt and buy back shares

The Tokyo-listed Bitcoin treasury firm plans to use zero-coupon bonds to repay Bitcoin-backed loans and repurchase stock 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. The company announced the offering on October 13, 2026.