Metaplanet has partially delevered through the redemption of 3 billion JPY (20.36m) of Ordinary Bonds. We now have 317.8 billion JPY (2.16b) of BTC against 14.25 billion JPY (96.7m) of outstanding bonds, raising our BTC Rating (BTC NAV / Notional Liabilities) to 22.30x.(Dylan LeClair)