Exchanges· ★★★· neutral· October 13, 16:16

Metaplanet to issue $333M zero-coupon convertible bonds to repay bitcoin-backed loan

—Issue size is 52 billion yen ($333 million), maturing in 2031 with a 0% coupon
—About $151 million will repay the bitcoin-backed credit facility
—Up to $181 million is earmarked for share buybacks, not BTC purchases
—As of Sept 30 the company held 44,000 BTC; debt of $650 million equals 17.7% of NAV

Why it matters: Metaplanet is cutting leverage secured by its BTC holdings and supporting its stock instead of adding to its bitcoin stack.