Metaplanet Studies Bitcoin-Backed Digital Bonds With JPYC And Progmat

Metaplanet is studying Bitcoin-backed digital credit products in Japan with JPYC, Progmat and a securities unit, but the company says the work is still research and does not pledge its 43,000 BTC treasury to any product.

The study gives the Tokyo-listed company a tokenisation route after its JPY 2.1 billion Siiibo Securities acquisition, while leaving issuance timing, terms, yields and regulatory discussions unresolved.

Project Nova Covers Bitcoin-Backed Digital Credit Products

Metaplanet announced a joint research initiative with stablecoin issuer JPYC, tokenisation platform Progmat and its securities subsidiary.

The companies will examine whether Bitcoin can be used as collateral or credit enhancement for digital corporate bonds and other blockchain-based credit instruments.

The study sits inside Project Nova, the company's plan to build a Bitcoin-focused financial services ecosystem in Japan.

The work will review product design, regulatory compliance, investor protection, settlement processes and the technical infrastructure needed for issuance.

The Tokyo-listed company and its securities arm will oversee product design and distribution.

JPYC will evaluate stablecoin issuance, redemption and payment functions.

Progmat will provide infrastructure for issuing security tokens, maintaining ownership records and managing transfer controls.

Security Tokens Would Represent Investor Rights

The proposed framework would use security tokens to represent investor rights.

JPYC or similar yen-denominated digital assets could be used for interest payments, distributions and redemptions.

The study will also examine 24/7 trading and daily interest calculations.

Those features remain part of the research plan, not a launched investment product.

No decision has been made on commercial issuance.

Any future launch would still require internal approvals, technical validation and regulatory discussions.

Siiibo Acquisition Gives Metaplanet A Distribution Base

The research follows Metaplanet's June acquisition of Siiibo Securities for JPY 2.1 billion.

The brokerage will operate as Metaplanet Securities and gives the company licensing and infrastructure that could support corporate bond distribution and possible Bitcoin-linked investment products.

The company wants to evaluate Bitcoin as productive collateral rather than only as a treasury reserve asset.

Stablecoins and security tokens would act as the settlement and ownership-record layer between capital-market products and blockchain infrastructure.

The research scope includes investor protection, settlement, product design and regulatory compliance.

No issuance decision has been made.

43,000 BTC Treasury Is Listed But Not Pledged

The treasury update listed 2,823 BTC purchased during the second quarter, increasing the total holding to 43,000 BTC.

The company said the latest acquisition was completed at an average purchase price of about JPY 12.7 million per Bitcoin, bringing its overall average acquisition cost to around JPY 15.3 million per BTC.

The company also reaffirmed a long-term objective of holding 210,000 BTC by the end of 2027.

At the same time, it clarified that the current study does not mean its existing Bitcoin reserves are pledged to any specific financial product.

The product research comes after Bitcoin income revenue fell about 41% quarter over quarter to JPY 1.747 billion.

The quarter-over-quarter decline was reported separately from the product study.

Issuance dates, bond terms, expected yields, investor eligibility, regulatory approvals, distribution commitments and any future use of the 43,000 BTC treasury as pledged collateral remain open.