Current outcome
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.
Progress timeline
2 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
- #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