Metaplanet plans to issue 52 billion yen ($329 million) of zero-coupon euro-yen convertible bonds due 2031 to restructure its debt and reduce reliance on Bitcoin-collateralized loans without selling its BTC. About 23.6 billion yen ($149 million) will repay those loans and 28.3 billion yen ($179 million) will fund share buybacks, under a program targeting up to 60 billion yen ($380 million). The company holds 44,000 BTC worth $3.6 billion, ranking second among Bitcoin treasury firms according to BitcoinTreasuries. Its shares closed 1.5% lower in Tokyo and are down 52.6% over 12 months. A revised framework proposes allocating up to 15% of total assets to strategic investments, and a plan to cut the Series 10 option pool by 41% follows shareholder criticism of its expansion.
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