Metaplanet Aims to Debut Bitcoin-Backed Bonds with Modest Yields
Metaplanet, a Tokyo-based firm, has been accumulating Bitcoin at an impressive rate over the past two years. The company's Bitcoin treasury now stands at approximately 43,000 BTC, worth around $2.75 billion at current prices.
Metaplanet is planning to issue bitcoin-backed bonds, dubbed Bitbonds, which will offer yields of between 4% and 6% annually. This may seem modest compared to other investment opportunities, but Japan has been stuck in a near-zero interest rate environment for three decades.
The company's Project NOVA feasibility study is being conducted in collaboration with JPYC and Progmat. Metaplanet will provide the collateral, while JPYC will handle settlement infrastructure through its yen-pegged stablecoin. Progmat, a tokenization platform backed by major Japanese financial institutions, will manage holder rights.
The feasibility study is examining regulatory compliance, investor protection requirements, technical architecture, and product design. If successful, Metaplanet's Bitcoin-backed bonds could create a precedent for other firms with large crypto treasuries in Asia.