Metaplanet, JPYC and Progmat began a joint study on bitcoin-backed digital bonds on July 10, 2026. The Tokyo-listed company announced it will examine using bitcoin as collateral for tokenized instruments, including digital corporate bonds, settled through a yen stablecoin and managed with security tokens. CEO Simon Gerovich filed the notice under Metaplanet's Project NOVA strategy. The study does not launch a product but examines whether one can work inside Japan's regulatory system. Japan's corporate bond market runs on public offerings from large issuers, with mid-sized and growth companies facing heavy administrative costs to issue debt, manage investors, and service payments.
Metaplanet Holds 43,000 BTC Treasury
Metaplanet started buying Bitcoin in 2024, following the corporate treasury model Strategy built in the United States. By the end of the second quarter of 2026, the company held approximately 43,000 BTC, including 2,823 BTC purchased during that quarter alone. At prices near the announcement, that treasury sat in the range of $2.5 billion to $4 billion, according to bitcoin Treasuries data, which places Metaplanet third among public corporate Bitcoin holders behind Strategy and Twenty One Capital. Today, Metaplanet's stash is valued at $2.75 billion based on Saturday's BTC exchange rates. The company already leans on that treasury for financing. It holds a $500 million credit facility with substantial drawdowns and has looked at bitcoin-backed preferred share structures in the past.
Metaplanet Acquires Siiibo Securities for $13 Million
Metaplanet bought Siiibo Securities in June 2026 for approximately 2.1 billion yen, or roughly $13 million. Siiibo holds a Type 1 Financial Instruments Business license and has experience distributing corporate bonds online. The brokerage becomes Metaplanet Securities on July 13, 2026, giving Metaplanet direct access to roughly 250,000 investors and the regulatory standing to structure and sell credit products. That license is the foundation Project NOVA needed. Metaplanet now controls the treasury asset, the distribution channel, and the investor base in one structure.
Four Entities Split Study Roles
The study splits work across four entities. Metaplanet supplies the Bitcoin treasury as potential collateral and leads product design. Metaplanet Securities handles structuring, distribution and investor communication. JPYC Inc. examines how its yen-pegged stablecoin can manage issuance, redemption and daily distributions. Progmat Inc. provides the regulated infrastructure for issuing and managing the security tokens, including holder records and transfer restrictions. Together, the four cover collateral, compliant token representation and settlement rails in one pipeline. The study looks at adapting that model to Japan's rules while using Bitcoin as the collateral layer that sets it apart.
Regulatory Approval Required Before Product Launch
Metaplanet has not set an issuance date, interest rate, product structure or sales method, and the company stated the announcement is not an offer or solicitation of any financial instrument. Any product would require separate approval from Japanese regulators, internal sign-off at each of the four companies, and proof-of-concept testing before it reaches investors. Metaplanet also confirmed that its 43,000 BTC holdings are not pledged to any specific product at this stage. Collateral valuation during volatile price swings, custody arrangements, and integration with legacy settlement systems remain open questions that the study needs to answer.
FAQ
What did Metaplanet announce on July 10, 2026?
Metaplanet announced a joint study with JPYC and Progmat on July 10, 2026, to examine bitcoin-backed digital bonds. The study will explore using bitcoin as collateral for tokenized instruments, including digital corporate bonds, settled through a yen stablecoin and managed with security tokens.
When does Siiibo Securities become Metaplanet Securities?
Siiibo Securities becomes Metaplanet Securities on July 13, 2026. Metaplanet bought Siiibo Securities in June 2026 for approximately 2.1 billion yen, or roughly $13 million, acquiring a Type 1 Financial Instruments Business license and access to roughly 250,000 investors.
