Metaplanet Unveils Plan for Bitcoin-Backed Bonds
Metaplanet plans to use its newly acquired Japanese brokerage to develop Bitcoin-backed bonds offering yields of roughly 4% to 6%, according to Benchmark. The company envisions issuing these instruments, called Bitbonds, as part of a broader strategy to build a capital-markets business around its Bitcoin treasury.
Details of the Siiibo Securities Acquisition
Metaplanet closed its acquisition of Siiibo Securities for JPY 2.1 billion (approximately $13 million). Benchmark analyst Mark Palmer noted that the market initially viewed the deal as a modest bolt-on, but discussions with Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, revealed a far more ambitious plan. The acquisition gave Metaplanet control of a Type I Financial Instruments Business Operator license regulated by Japan’s Financial Services Agency, allowing the subsidiary to structure and distribute securities in Japan. Obtaining a similar license from scratch would normally require several quarters or longer.
How the Proposed Bitcoin-Backed Bonds Would Work
Metaplanet intends to turn its securities subsidiary into a platform where companies adopting Bitcoin treasury strategies can issue debt to finance BTC purchases. The proposed Bitbonds could initially offer annual yields of about 4% to 6%. Over the next several years, Metaplanet plans to bring the bonds onchain, use stablecoins for settlement, and establish a secondary market. This model would expand Metaplanet beyond raising capital for its own Bitcoin purchases; its brokerage could structure and distribute debt for other companies seeking to add BTC to their balance sheets. Metaplanet has not disclosed final issuance terms, eligible investors, collateral ratios, or a launch date.
Project Nova and Broader Financial Services
The Bitbond proposal forms part of Project Nova, Metaplanet’s plan to use its Bitcoin balance sheet to develop financial services and acquire cash-generating businesses. Days before Benchmark disclosed further details, Metaplanet began a study with yen stablecoin issuer JPYC, tokenization platform Progmat, and Metaplanet Securities. The group is examining whether Bitcoin could serve as collateral or a credit-enhancement asset for digital corporate bonds and other credit products. The study covers product design, regulation, investor safeguards, distribution, stablecoin settlement, security tokens, round-the-clock trading, and daily interest calculations. However, the participants have not approved a product, issuance date, yield, or distribution structure. Metaplanet previously stated that “nothing has been determined.”
Benchmark Maintains Buy Rating on Metaplanet Stock
Palmer remarked that the market continues to price Metaplanet mainly as a listed proxy for Bitcoin, even as the company prepares infrastructure for a broader capital-markets business. Benchmark maintained its Buy rating and JPY 405 price target for Metaplanet stock. The company holds 43,000 BTC worth nearly $2.8 billion, making it the third-largest publicly traded corporate Bitcoin holder. For U.S. investors, the proposal provides another comparison with Bitcoin treasury companies such as Strategy (formerly MicroStrategy), which has used debt, equity, and preferred stock to finance BTC purchases. However, Metaplanet’s Japanese license does not automatically authorize Bitbond sales in the United States. Any U.S. offer would need SEC registration or an applicable exemption under federal securities laws. Metaplanet’s next steps will depend on product approvals, talks with Japanese regulators, and whether issuers show demand for Bitcoin-backed corporate debt.
