Metaplanet Pursues Bitcoin-Backed Bonds in Japan

Metaplanet, an Asian firm, has been accumulating Bitcoin over the past two years in a manner reminiscent of MicroStrategy. Now, it seeks to create a yield-producing financial product from this stash and sell it to Japanese retail and institutional investors.

The firm announced Project NOVA on July 10, 2026, which is a feasibility study conducted with JPYC and Progmat. This collaboration aims to explore the creation of bitcoin-backed digital credit instruments, including tokenized corporate bonds. The target yield range sits at 4% to 6% annually.

Metaplanet brings approximately 43,000 BTC, worth around $2.75B at current prices, as collateral for this endeavor. JPYC provides settlement infrastructure through its yen-pegged stablecoin, while Progmat handles the security token framework that manages holder rights.

The study is examining regulatory compliance, investor protection requirements, technical architecture, and product design. No launch date has been set, but Metaplanet's vision is more ambitious than a simple corporate bond. The firm envisions fully on-chain settlement, where bond issuance, coupon payments, and redemptions run through stablecoin rails rather than traditional banking infrastructure.

The 4% to 6% yield may seem modest, but it's a compelling pitch in Japan, where benchmark interest rates have hovered near zero for decades. Metaplanet is targeting this gap by moving beyond simply accumulating Bitcoin and into regulated securities structuring.