Metaplanet Pursues Bitcoin-Backed Bonds with 4% to 6% Yields

Metaplanet, a Tokyo-listed company, plans to explore bitcoin-backed bonds that could offer investors returns of 4% to 6%. The initiative, called Project NOVA, is a joint study with JPYC, a yen-denominated stablecoin issuer, and Progmat, a tokenization platform. Analysts at Benchmark have outlined projected yields in the 4% to 6% range for the proposed instruments.

The bonds would be collateralized by Bitcoin sitting in Metaplanet's treasury, with an eventual path toward settling those payments via stablecoins on a blockchain. Moving bonds on-chain would eliminate much of the friction in traditional fixed-income markets, from settlement delays to intermediary costs.

Metaplanet has been clear that no concrete products exist yet, and this is still a collaborative study, not a product launch. The company holds a significant amount of Bitcoin, accumulated through strategic acquisitions funded by zero-coupon bond issuances.