TLDR
- Metaplanet plans to explore Bitcoin-backed Bitbonds offering projected annual yields of 4% to 6%.
- The company launched Project NOVA with yen stablecoin issuer JPYC and tokenization platform Progmat.
- The proposed Bitbonds could use Metaplanet’s Bitcoin reserves as collateral for fixed-income products.
- The partners are studying on-chain bond settlement using stablecoins to reduce costs and settlement delays.
- Metaplanet held about 43,000 BTC by early July 2026, supporting its bitcoin-backed product strategy.
Metaplanet is studying a plan to issue bitcoin-backed bonds that could offer annual yields of 4% to 6%. The Tokyo-listed company wants to use its large Bitcoin reserve to support new credit products for Japanese investors.
The proposal remains at an early stage. Metaplanet has not released final terms, launch dates, or confirmed coupon rates. Benchmark analysts provided the projected yield range for the planned products, known as Bitbonds.
Metaplanet Joins Project NOVA
Metaplanet announced Project NOVA on July 10 with JPYC and Progmat. JPYC issues a yen-linked stablecoin, while Progmat provides technology for tokenized securities and digital asset settlement.
JUST IN: 🇯🇵Metaplanet plans to use its newly acquired Japanese brokerage to build a Bitcoin-backed tokenized bond market.
The proposed “Bitbonds” would yield roughly 4% to 6%, fund corporate Bitcoin purchases and eventually move onchain with stablecoin settlement.
Benchmark… pic.twitter.com/NJpiP7OH8U
— Coin Bureau (@coinbureau) July 27, 2026
The three companies will study bitcoin-backed bonds and other credit products. The project could later move bond records and payments onto a blockchain. Stablecoins may support settlement if the partners develop a market-ready structure.
How the Proposed Bitbonds Could Work
Bitbonds would pay investors a fixed return backed by Bitcoin held in Metaplanet’s treasury. Benchmark expects possible yields between 4% and 6%, although the companies have not confirmed the final coupon structure.
Blockchain settlement could reduce delays and lower some processing costs. However, the plan must meet Japan’s securities, stablecoin, custody, and investor protection rules before any bond can reach the market.
Bitcoin Holdings Support the Plan
Metaplanet held about 43,000 BTC by early July 2026. The company built the reserve through repeated purchases, including acquisitions funded through zero-coupon bond sales.
The strategy follows a model used by Strategy in the United States. Metaplanet has issued debt to buy Bitcoin, but Project NOVA adds a new goal. It aims to create financial products for outside investors.
Metaplanet acquired Siiibo Securities in June 2026 and renamed it Metaplanet Securities. The brokerage gives the company a licensed channel that could distribute Bitbonds to retail and institutional clients.
JPYC could provide yen-based stablecoin settlement, while Progmat could manage tokenization infrastructure. No product has received final approval. The partners will continue studying legal rules, risk controls, pricing, custody, and market demand before deciding whether to issue the bonds.
The study covers investor access, payment systems, disclosure standards, and safeguards for changes in Bitcoin’s price. These areas will shape whether the proposed structure can operate within Japan’s regulated securities market.
