Metaplanet to raise $329 million via convertible bonds

Japanese investment firm Metaplanet has announced plans to raise 52 billion yen (approximately $329 million) through the issuance of zero-coupon euro-yen convertible bonds due in 2031. The company intends to use the proceeds to strengthen its balance sheet and support shareholder returns without liquidating its Bitcoin holdings.

Approximately 23.6 billion yen ($149 million) of the net proceeds will be allocated to repay Bitcoin-collateralized loans. This move aims to reduce the company’s reliance on debt secured by its cryptocurrency reserves, which had reached 17.7% of its Bitcoin value as of September 30, exceeding the firm’s internal 10% limit.

An additional 28.3 billion yen ($179 million) is earmarked for share buybacks as part of a broader repurchase program targeting up to 60 billion yen ($380 million) in total. To support bond investor hedging, CEO Simon Gerovich has committed to lending up to 55 million of his personal shares.