Metaplanet plans to issue approximately 333 million USD zero-coupon convertible bonds

The Japanese-listed Bitcoin treasury company Metaplanet announced plans to issue zero-coupon convertible bonds in European yen, totaling approximately $333 million (52 billion yen), maturing in 2031, marking the company's first issuance of such bonds. Merrill International will act as the exclusive bookrunner, with an issuance price of 102.5% of face value. The bonds will be listed on the Singapore Exchange, with net proceeds of approximately $333 million (51.9 billion yen).

Of this amount, approximately $151 million (23.6 billion yen) will be used to repay credit financing secured by Bitcoin, and up to approximately $181 million (28.3 billion yen) will be used for stock repurchases. These funds will not be used to purchase Bitcoin. As of September 30, the company holds 44,000 Bitcoins, with a credit financing borrowing balance of approximately $650 million, accounting for about 17.7% of the net asset value of Bitcoin, exceeding the company's set target cap of 10%. The company plans to repurchase up to approximately $162 million (25.3 billion yen) in stock through ToSTNeT-3 on October 14, and establish a total repurchase limit of approximately $385 million (60 billion yen).