Tokyo-listed Metaplanet Inc., one of the world’s largest public corporate holders of Bitcoin, is progressing efforts to develop credit instruments supported by its cryptocurrency reserves. These initiatives, which industry observers have described as potential Bitcoin-backed bonds or “Bitbonds,” form part of the company’s broader Project Nova strategy to convert its treasury holdings into productive financial infrastructure rather than passive reserves.
On July 10, 2026, Metaplanet formally announced the launch of a joint study with Metaplanet Securities (the newly renamed brokerage formerly known as Siiibo Securities), yen stablecoin issuer JPYC Inc., and security token platform Progmat, Inc.
The collaboration examines digital credit products ranging from corporate bonds to other instruments that could use Bitcoin as collateral or a form of credit enhancement.
Settlement would potentially occur through yen-denominated stablecoins, while security tokens would manage holder rights and ownership records.
The study aims to assess possibilities for continuous trading and settlement, along with daily interest calculations—features intended to create more efficient and transparent markets for both issuers and investors in Japan.
Metaplanet frames the work under Project Nova, its roadmap for building Bitcoin-linked financial products, credit offerings, digital securities, and stablecoin-based settlement solutions.
The company emphasizes treating Bitcoin as active collateral capable of supporting new yield-oriented products accessible to retail and institutional participants, bridging traditional securities markets with digital asset capabilities.
Subsequent analysis from Benchmark, following discussions with Metaplanet’s Director of Bitcoin Strategy Dylan LeClair, has provided further color on the longer-term vision.
Analysts noted that the recent acquisition of the securities brokerage for roughly ¥2.1 billion positions Metaplanet Securities as a foundation for a specialized fixed-income platform.
Rather than serving solely as a channel for the company’s own Bitcoin purchases, the licensed entity could enable other firms pursuing Bitcoin treasury strategies to issue debt for that purpose.
Projections discussed in the context of these plans include initial yields in the vicinity of 4% to 6%, with an eventual transition of the instruments onto blockchain networks using stablecoin settlement and the development of secondary markets over several years.
As of the period surrounding the July announcement, Metaplanet held approximately 43,000 Bitcoin.
The official notice is careful to state that the joint study remains exploratory. No decisions have been made regarding issuance timing, specific terms, yields, product details, distribution methods, or the precise structure of any collaboration.
Future concrete offerings would require separate disclosures and necessary regulatory approvals.
Benchmark has maintained a Buy rating on the stock with a price target of ¥405, viewing the market as still primarily pricing Metaplanet as a Bitcoin proxy even as the firm prepares broader capital-markets capabilities.
By combining its substantial Bitcoin balance sheet, a regulated securities platform, and partnerships in stablecoins and tokenization, Metaplanet seeks to expand access to credit markets in Japan while advancing the practical use of Bitcoin within regulated financial products. Realization of any such instruments will hinge on successful proof-of-concept work, regulatory navigation, and demonstrated investor interest.
