Metaplanet unveils $380 million share buyback after stock crashes nearly 90% from peak
Summary
Metaplanet plans to raise ¥52 billion ($329 million) through zero-coupon convertible bonds due in 2031, using proceeds to refinance Bitcoin-backed debt and repurchase shares. It expects to use ¥23.6 billion to reduce facility borrowing from about $649.5 million to $500.5 million, lowering its Bitcoin-reserve borrowing ratio from 17.7% to an estimated 13.6%—still above its 10% guideline. Up to ¥28.3 billion will support buybacks amid a nearly 90% drop in the stock from its 2025 peak. The refinancing could free pledged Bitcoin and cut interest costs, but leaves the company exposed to Bitcoin price declines; bond conversion and hedging-related share lending may also create dilution or selling pressure.
