Metaplanet, the third-largest corporate bitcoin holder globally, has launched BitBonds, a continuous bond issuance program designed to fund its aggressive accumulation strategy. The inaugural private sale of ¥200 million ($1.3 million) underscores the Japanese firm’s diversification of financing channels.
🔑 Key takeaways
- First issuance of four series of senior unsecured bonds totaling roughly ¥200 million ($1.3 million)
- Annual interest rates of 4 to 4.3%, maturity of about 3 years, distributed via Metaplanet Securities
- Treasury of 40,177 BTC (~$3.1 billion), target of 100,000 BTC by end of 2026
- FY2025 net loss of ¥95 billion, average acquisition cost of $104,106 per bitcoin
- Prior acquisition of Siiibo Securities for $13.1 million, foundation of the Nova project
BitBonds: a new debt-financing channel
Metaplanet officially announced on August 13 the launch of BitBonds, its continuous bond issuance program. The inaugural transaction comprises four series of senior unsecured bonds privately placed for roughly ¥200 million ($1.3 million), with a maturity of about three years and annual rates between 4% and 4.3%. Solicitation began in late July and closed on August 13, distributed through Metaplanet Securities, the wholly-owned subsidiary, under Japan’s small-number private placement rules. The bonds carry fixed interest and principal repayment tied solely to the issuer’s credit quality: unlike equity, they do not directly track bitcoin holdings.
The securities are unsecured, unrated, and offer no capital protection. The issuer’s financial position remains heavily exposed to bitcoin price swings, and transfer restrictions apply with no guaranteed liquidity before maturity. CEO Simon Gerovich clarified that a 5,014 BTC movement was just a wallet-to-wallet transfer and that holdings remained around 43,000 BTC. Shares closed up 0.9% at ¥223 ($1.40).
Snapshot of Metaplanet’s outstanding financings
| Instrument | Amount | Rate | Maturity | Allocation |
|---|---|---|---|---|
| BitBonds series 1 (4 tranches) | ¥200M ($1.3M) | 4 – 4.3% | ~3 years | Japanese private |
| Ordinary bonds series 20 | ¥8B ($50M) | 0% | April 2027 | EVO FUND (Cayman) |
| Floating-rate loan | $130M | Floating | Daily renewal | Undisclosed lender |
| Total credit facility | $500M | Variable | Multi-year | Lender pool |
« A 5,014 BTC movement was just a wallet-to-wallet transfer; our holdings remain unchanged at roughly 43,000 BTC. »
Simon Gerovich, CEO of Metaplanet
Project Nova and the Japanese bond platform
The BitBonds program is part of Project Nova, Metaplanet’s ambition to build a bitcoin-centric financial platform in Japan. The June acquisition of Siiibo Securities, an online corporate bond platform for Japanese retail investors, for approximately $13.1 million in cash, is its cornerstone. Renamed Metaplanet Securities after closing, the entity provides the company with a Type I Financial Instruments Business registration, essential for distributing bitcoin-linked bonds to Japanese investors.
CEO Simon Gerovich stressed that roughly ¥7,400 billion sits idle in Japanese liquid deposits and low-yield products. The deal had earlier pushed the stock up 3.57% to ¥232 (around $1.45), a sign that markets already view this diversification positively.
The Strategy playbook: aggressive bitcoin accumulation
Metaplanet’s approach closely mirrors that of Strategy (formerly MicroStrategy) in the United States, which finances massive bitcoin purchases through bond issuances and equity sales. The Japanese firm has issued ¥8 billion ($50 million) of zero-interest ordinary bonds, its 20th series, maturing in April 2027. These bonds were allocated to EVO FUND, a Cayman Islands-based investor tied to Evolution Financial Group, which has already financed several previous Metaplanet transactions. At the current bitcoin price near $78,000, this single issuance could fund the purchase of 640 to 700 additional BTC.
Metaplanet currently holds around 40,177 BTC, valued at approximately $3.1 billion, making it the third-largest corporate bitcoin holder worldwide and the largest listed company in this category in Japan. Management has set a target of 100,000 BTC by end of 2026 and 210,000 BTC by end of 2027. In the first quarter, the firm added 5,075 BTC and reported a BTC Yield (a proprietary per-share productivity metric) of 2.8%. To support this strategy, Metaplanet has built a $500 million credit facility and recently secured a $130 million floating-rate loan, renewed daily and repayable at any time, with the lender’s identity undisclosed.
Japan’s market ignites around crypto
Markets cheered the new round of financial maneuvers. Following the $130 million loan announcement, Metaplanet shares jumped roughly 7% on Thursday. Other Japanese bitcoin-holding companies also rallied, outpacing both bitcoin’s gain (+0.24%) and the Nikkei 225’s rise (+1%) over the same period.
Thursday’s stock reactions of Japanese BTC treasury firms
| Company | Thursday move |
|---|---|
| Metaplanet | +7% |
| Remixpoint | +8.7% |
| SBC Medical Group Holdings | +5% |
| Gumi | +3% |
| Agile Media Network | +1% |
| Bitcoin (BTC) | +0.24% |
| Nikkei 225 | +1% |
This momentum reflects a broader institutional appetite across the country. Earlier this month, six of Japan’s largest asset managers, collectively representing $2.5 trillion in assets under management, signaled their intent to launch crypto funds for retail and institutional clients. The group includes the wealth management arm of megabank Mitsubishi UFJ. Regulators are also weighing proposals to allow cryptocurrencies in mutual funds, alongside tax reforms favorable to crypto-native firms.
Structural risks and outlook
Despite these maneuvers, the numbers underscore the model’s structural volatility. Metaplanet posted a net loss of ¥95 billion for fiscal year 2025, driven by bitcoin markdowns. The average acquisition cost stands at $104,106 per coin, above current market levels.
The pioneer approach of Strategy continues to attract imitators. Earlier this week, Strategy disclosed the purchase of 34,164 bitcoin for approximately $2.54 billion, lifting its total to 815,061 BTC, or more than 3.8% of total bitcoin supply. The purchase was financed by share sales and its STRC preferred share offering. Yet some market participants worry about the viability of these digital asset treasury companies, whose shares sometimes trade below their underlying asset value.
Conclusion
BitBonds mark a new milestone in the industrialization of the Japanese bitcoin treasury model. The combination of Metaplanet Securities, Project Nova, and the prospect of registered public offerings could turn the firm into a genuine bond bridge between Japanese savings and BTC. Three scenarios loom over coming quarters: a bitcoin rebound above $100,000 that would validate the accumulation strategy, sideways trading between $70,000 and $80,000 that would keep pressure on the $104,106 average cost basis, or a prolonged drawdown that would expose the group’s financial structure. The trajectory will hinge as much on bitcoin’s price as on Metaplanet’s ability to broaden its bondholder base beyond Japan.
Sources
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
