Japan’s Metaplanet is at it again, issuing $329M in zero-coupon convertible bonds due in 2031 to repay BTC-backed loans and buy back shares. On the surface, it looks like debt optimization, but in reality it’s the same old leveraged cycle of “borrowing money to hoard crypto.” Zero interest sounds tempting, but dilution from conversion is inevitable—shareholders are the ones who’ll pay.

$BTC