Metaplanet to Research Bitcoin Collateral for Round-the-Clock Bond Settlement
Metaplanet Inc., the Tokyo-listed company often called Asia’s Strategy, is moving beyond simple bitcoin accumulation into product design. On July 10, 2026, the company announced a joint study with JPYC Inc. and Progmat Inc. to research bitcoin-backed digital credit products, including tokenized corporate bonds. The goal is to use bitcoin as collateral for instruments that can trade and settle continuously, 24/7/365, with interest accruing daily.
CEO Simon Gerovich filed the notice under Metaplanet’s Project NOVA strategy. The study does not launch a product; it examines whether such a structure can work within Japan’s regulatory system. Metaplanet frames this as the next stage of a strategy that started with buying and holding Bitcoin.
Metaplanet began accumulating Bitcoin in 2024, following the corporate treasury model pioneered by Strategy 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. At current prices, that treasury is valued at around $2.75 billion, placing Metaplanet third among public corporate Bitcoin holders behind Strategy and Twenty One Capital.
The company already uses its treasury for financing. It holds a $500 million credit facility with substantial drawdowns and has explored bitcoin-backed preferred share structures. These moves fund additional purchases and generate yield without repeated equity raises.
To support Project NOVA, Metaplanet acquired Siiibo Securities in June 2026 for approximately 2.1 billion yen (about $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.
The study addresses limitations in Japan’s corporate bond market, where mid-sized and growth companies face high administrative costs. Tokenizing rights and routing payments through a stablecoin could bypass constraints of the Companies Act, such as dividend record dates and book-entry settlement systems.
The four entities split responsibilities: 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 security tokens.
Nothing is final. Metaplanet has not set an issuance date, interest rate, product structure, or sales method. The announcement is not an offer or solicitation. Any product would require separate approval from Japanese regulators, internal sign-off at each company, and proof-of-concept testing. 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.