Metaplanet Unveils Bitcoin-Backed Bond Plan with Yields up to 6%

Metaplanet is planning to issue Bitcoin-backed bonds with yields ranging from 4% to 6%. The company recently acquired Siiibo Securities, a Japanese brokerage, for JPY 2.1 billion ($13 million). According to Benchmark, Metaplanet's director of Bitcoin strategy Dylan LeClair, obtaining a similar licence would normally require several quarters or longer.

The proposed instruments, called 'Bitbonds,' could initially offer annual yields of about 4% to 6%. Metaplanet plans to bring the bonds onchain, use stablecoins for settlement, and establish a secondary market over the next several years. The company aims to turn its securities subsidiary into a platform where companies adopting Bitcoin treasury strategies can issue debt to finance BTC purchases.

Benchmark analyst Mark Palmer maintained that investors have underestimated the importance of Metaplanet's acquisition, which gave the company control of a Type I Financial Instruments Business Operator licence regulated by Japan's Financial Services Agency. This licence permits the subsidiary to structure and distribute securities in Japan.