Current outcome
Metaplanet plans to issue ¥52B zero-coupon convertible bonds due 2031, with up to ¥28.3B for share buybacks (including up to ¥25.3B via off-exchange block for ~7.1% of shares) and ~¥23.6B to repay credit lines and release pledged bitcoin; no proceeds directly for additional BTC purchases.
Progress timeline
3 material updates- #01
【Metaplanet 拟发行约 3.33 亿美元零息可转债，用于还款及回购股票】
Metaplanet is issuing ~$333M of 2031-maturity zero-coupon Euro-yen convertible bonds to repay bitcoin-backed credit and fund share buybacks, explicitly excluding new bitcoin purchases, while its loan-to-BTCNAV ratio of ~17.7% sits above its 10% target.
Source evidence: foresightnews · theblockbeats · The Defiant · theblockbeats
- #02
Metaplanet to issue $329M convertible bonds to pay debt, fund share buybacks
Clarified that ~$149M of net proceeds will repay Bitcoin-collateralized loans and ~$179M will fund share buybacks; new buyback program targets up to $380M; confirmed no BTC holdings will be sold.
State after update: Metaplanet is issuing ~$329M (¥52B) of 2031-maturity zero-coupon convertible bonds, with ~$149M of net proceeds to repay Bitcoin-collateralized loans and ~$179M for share buybacks under a new up to $380M repurchase program; no BTC holdings will be sold, and its loan-to-BTCNAV ratio of ~17.7% remains above its 10% target.
Source evidence: Cointelegraph
- #03
【Metaplanet 拟发行约 3.28 亿美元零息可转债，用于回购股份及释放抵押的比特币】
Metaplanet CEO Simon Gerovich will lend up to 55 million personal shares at 0.75% annual interest to reduce institutional hedging borrowing costs and optimize bond issuance conditions; the August 18 announced investment in Super League Enterprise (SLE) is expected to complete soon, subject to SLE shareholder approval and other closing conditions, after which SLE plans to rename to Superplanet, Inc.
State after update: Metaplanet is issuing ~¥52B (~$328M) of 2031-maturity zero-coupon convertible bonds, with ~$149M of net proceeds to repay Bitcoin-collateralized loans and ~$179M for share buybacks under a new up to $380M repurchase program; no BTC holdings will be sold, and its loan-to-BTCNAV ratio of ~17.7% remains above its 10% target. Additionally, CEO Simon Gerovich will lend up to 55 million personal shares at 0.75% annual interest to optimize bond issuance conditions; the August 18 announced investment in Super League Enterprise (SLE) is expected to complete soon, after which SLE plans to rename to Superplanet, Inc.
Source evidence: foresightnews