Metaplanet to issue $329M convertible bonds to pay debt, fund share buybacks

Metaplanet, a prominent institutional holder of Bitcoin, announced plans to issue $329 million in zero-interest convertible bonds with a five-year maturity. The strategic move aims to optimize the company's debt structure and mitigate its reliance on Bitcoin-collateralized loans. Crucially, the company intends to achieve these financial goals without divesting any of its existing Bitcoin holdings. In addition to debt restructuring, the proceeds from the bond issuance are also earmarked for general debt repayment and potential share buybacks.