Metaplanet, the Tokyo-listed company and world’s second-largest corporate Bitcoin treasury holder with 44,000 BTC, is raising ¥52 billion (approximately $328 million) through zero-coupon Euro-Yen convertible bonds maturing on October 29, 2031. The operation, led by Merrill Lynch International with a Singapore Exchange listing planned for the same date, will allocate ¥23.6 billion to repay Bitcoin-backed credit facilities and up to ¥28.3 billion to share buybacks, representing 7.1% of outstanding shares. This transaction will reduce the company’s leverage ratio from 17.7% to approximately 10%, moving closer to its stated target without fully reaching it since total Bitcoin-backed debt stood at roughly $650 million. The offering is part of Project Nova, a strategy aimed at transforming Metaplanet into a Bitcoin-centric financial platform.
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