Metaplanet has set a conversion price of ¥339 per share for ¥52 billion of zero-coupon Euro-yen convertible bonds due October 29, 2031, and has begun a large share repurchase program. The price, set on October 14, was roughly 29.9% above the company’s October 13 closing price of ¥261, according to Metaplanet disclosures.
Metaplanet expects about ¥51.9 billion in net proceeds and plans to use the funds during the current quarter to repay Bitcoin-backed borrowings and purchase its own shares, according to the company’s stated use of proceeds.
¥339 conversion price sets a 29.9% premium to market
The bonds carry no coupon and mature in late October 2031. Their holders have the right to convert the securities into Metaplanet shares at ¥339 apiece, subject to the terms of the issue. A zero-coupon structure means the bonds do not make periodic interest payments, while the conversion feature gives investors potential exposure to the company’s equity.
At the stated conversion price, investors would convert at a level ¥78 above the October 13 close. The premium is material because it places the initial conversion level above the market price used for the transaction’s pricing comparison.
Metaplanet’s announcement identifies the offering as €? No, the company described the instruments as Euro-yen convertible bonds, with a principal amount of ¥52 billion and an October 29, 2031 due date. The disclosed terms do not establish how the shares will trade over the life of the bonds; they set the financing conditions agreed for this issuance.
¥51.9 billion proceeds split between Bitcoin debt and repurchases
Metaplanet said it expects net proceeds of approximately ¥51.9 billion. Of that amount, ¥23.6 billion is allocated to repaying Bitcoin-backed borrowings in November 2026, while up to ¥28.3 billion is designated for share repurchases from October through December 2026.
The allocation means the transaction is not solely an equity-support measure; a substantial portion of the financing is directed toward Bitcoin-backed debt repayment.
CoinMarketCap Academy characterized the transaction as a balance-sheet restructuring that replaces part of Metaplanet’s Bitcoin-collateralized debt with unsecured, interest-free convertible bonds while funding buybacks.
Buyback began with ¥19.3 billion off-auction purchase
The company’s repurchase activity was already underway on October 14. In an initial ToSTNeT-3 off-auction transaction, Metaplanet acquired 73,981,400 shares at ¥261 each, for approximately ¥19.3 billion, according to a MONEY BOX reproduction of the disclosure.
The per-share purchase price matched the October 13 closing price cited in the convertible-bond pricing announcement. It was also below the ¥339 conversion price set for the 2031 bonds, though the two prices serve different functions: one was the price paid in the initial repurchase, while the other is the bondholders’ initial conversion level.
The off-auction purchase forms part of a wider authorization allowing Metaplanet to buy up to 200 million shares, equivalent to about 14.7% of issued shares, for a maximum of ¥60 billion. The authorization runs from October 14, 2026 through October 13, 2027, according to Japan IR.
The initial ¥19.3 billion acquisition therefore uses part of the year-long framework, while the company has separately said that up to ¥28.3 billion of the convertible bond’s net proceeds may be used for repurchases through December. The stated timetable puts the debt repayment in November and the near-term buyback funding window at the center of Metaplanet’s next capital-allocation steps.
