Metaplanet, the Japanese Bitcoin treasury company, announced a 380 million dollar share buyback program alongside a 329 million dollar convertible bond offering to restructure its finances without selling its cryptocurrency holdings. The company, which held 44,000 BTC at the end of September, has seen its Bitcoin-backed debt exceed internal risk limits, with a borrowing ratio of 17.7% of its Bitcoin reserves’ net asset value, well above its 10% target. The stock has declined nearly 90% from its June 2025 peak, falling from 1,930 yen to 261 yen, while shares have dropped approximately 36% year-to-date. Metaplanet plans to use part of the bond proceeds to repay 149 million dollars of outstanding loans in November, bringing its borrowing ratio to approximately 13.6%. An arrangement allowing CEO Simon Gerovich to lend up to 55 million of his personally held shares to hedge the convertible bonds could create selling pressure that offsets demand from the buyback.
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