Metaplanet studies Bitcoin-backed credit in Japan
Japan's Metaplanet is studying how to use its Bitcoin reserves as collateral for digital bonds, marking a shift from passive treasury hoarding to active capital markets leverage.
The partners announced Friday they are examining a framework for Bitcoin-backed digital corporate bonds and other credit instruments. The project will explore using BTC as collateral and credit enhancement, with the Japanese yen-pegged JPYC stablecoin handling settlement and security tokens managing holder rights. No product has been launched, and the companies emphasized that no issuance has been confirmed.
This initiative signals a maturation in corporate Bitcoin strategies, shifting from passive treasury accumulation to unlocking the asset as "productive collateral on the balance sheet." The study is a core component of Metaplanet's Project Nova, an effort to build a comprehensive Bitcoin financial services ecosystem in Japan. Metaplanet said the goal is to create a "more efficient and transparent credit market for both issuers and investors."
To support this pivot, Metaplanet announced in June it would acquire Siiibo Securities and rename it Metaplanet Securities, following the March creation of Metaplanet Ventures. These moves back a substantial balance sheet, as Metaplanet is the world's third-largest corporate Bitcoin holder with 43,000 coins acquired for about $4.1 billion. The company purchased 2,823 Bitcoin in the second quarter of 2026 at an average price of roughly $78,850.
The approach mirrors the capital markets playbook of Strategy, the world's largest corporate Bitcoin holder, which uses digital credit instruments like STRC preferred stock to raise funds for further Bitcoin acquisitions. By localizing this model, Metaplanet aims to deliver "new yield products and capital market access to retail and institutional investors in Japan." The company intends to bridge conventional securities markets with digital asset infrastructure.
Investor appetite for blockchain-based credit products suggests a viable market for these instruments. Data from RWA.xyz shows the tokenized real-world asset sector has reached $33 billion, with tokenized corporate credit ranking fifth at $1.76 billion and asset-backed credit third at $2.3 billion. The current phase remains limited to product design and proof-of-concept analysis on a blockchain ledger that would facilitate 24/7 accessibility and daily interest accrual.
