TLDR
- Metaplanet announced a ¥60 billion ($380 million) share buyback program covering up to 200 million shares.
- The company plans to raise ¥52 billion ($329 million) through zero-coupon convertible bonds due in 2031.
- About $149 million will repay Bitcoin-backed loans after borrowing reached 17.7% of Bitcoin reserves, above its 10% limit.
- Metaplanet shares have fallen about 36% this year and nearly 90% from their June 2025 peak.
- CEO Simon Gerovich will lend up to 55 million personal shares to support bond investor hedging.
Metaplanet, a Japanese company that holds Bitcoin as a treasury asset, has announced a $380 million share buyback program. The move comes after its stock fell nearly 90% from its peak.
The company also plans to raise $329 million through a bond sale. The money will go toward repaying Bitcoin-backed loans and buying back shares.
Metaplanet Turns to Bonds to Cut Bitcoin-Backed Debt
On Oct. 13, Metaplanet said it will issue ¥52 billion ($329 million) in zero-coupon convertible bonds due in 2031. The bonds are unsecured and will be listed on the Singapore Exchange.
The offering targets investors mainly in Europe and Asia. It is expected to close on Oct. 29.
The bonds pay no regular interest. This lets the company replace part of its interest-bearing debt, which is secured by its Bitcoin, without selling any of its holdings.
As of Sept. 30, Metaplanet owed about $649.5 million under an $800 million credit facility backed by its Bitcoin. That equaled 17.7% of the value of its Bitcoin reserves, above its own limit of 10%.
The company held 44,000 Bitcoin at the end of September. It said further drops in Bitcoin’s price could push that borrowing ratio higher.
Metaplanet plans to use about ¥23.6 billion ($149 million) from the bonds to repay loans in November. That would cut its borrowing to about $500.5 million and lower the ratio to roughly 13.6%, still above its target.
Investors can demand repayment of the bonds after three years. That could force the company to refinance before 2031.
Metaplanet Launches Buyback as Shares Slide
Up to ¥28.3 billion ($179 million) from the bond sale will fund share repurchases under a new ¥60 billion ($380 million) buyback program.
The company also canceled its previous ¥75 billion ($475 million) buyback plan from October 2025. It had not bought any shares under that plan.
The new program allows Metaplanet to buy back up to 200 million shares, or about 14.7% of its stock, through Oct. 13, 2027.
Metaplanet shares have fallen about 36% this year, closing at ¥261 on Oct. 13. The stock peaked at ¥1,930 in June 2025. Strategy, the largest public company holding Bitcoin, is up about 1% this year.
The company generally avoids issuing new shares when its market value falls below the value of its Bitcoin holdings. Buying back shares could help improve that measure.
CEO Simon Gerovich has agreed to lend up to 55 million of his own shares through his family holding company. The shares will support hedging by bond investors, for an annual fee of 0.75%.
Investors who borrow those shares could sell them. That could create selling pressure while the company is buying back stock.
The bonds could also dilute shareholders if converted into stock. Metaplanet has not yet set the final conversion price.
The buyback starts on Oct. 14 through the Tokyo Stock Exchange’s ToSTNeT-3 off-auction system. The company is targeting up to 96.9 million shares for about ¥25.3 billion ($160 million), which could cut its share count by about 7.1%.
The post Metaplanet Stock Falls Nearly 90% as Bitcoin Firm Unveils $380 Million Buyback appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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