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Morning Edition · Wednesday, October 14, 2026Published at 1:36 AM EDT · New York
Bitcoin treasury companies turn to convertibles, preferred stock and buybacks as Metaplanet trades about 90% below its peak
Metaplanet will repay $151 million of bitcoin-backed loans and buy back up to 14.7% of its shares, while Strive offers a 15% fixed-dividend preferred stock to raise $500 million for more bitcoin.
Metaplanet, the Tokyo-listed company that holds bitcoin as its main treasury asset, plans to issue ¥52 billion (about $329 million) of zero-coupon euro-yen convertible bonds. The proceeds will refinance bitcoin-backed loans and fund share b…
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Crypto Treasury Firms Lean on Leverage
As the premium to net asset value disappears, crypto treasury companies will keep turning to preferred stock, convertibles and buybacks, which adds fixed cash obligations that could force asset sales in a downturn.
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