Metaplanet Studies Bitcoin-backed Digital Bonds in Japan

Japanese investment and Bitcoin treasury company Metaplanet’s securities arm, Metaplanet Securities, stablecoin issuer JPYC and tokenization infrastructure provider Progmatare are tying up on a joint study on Bitcoin-backed digital credit products in Japan.

The study involves using BTC as collateral and a credit enhancement tool combined with the Japanese yen-pegged JPY Coin (JPYC) stablecoin for settlement and payments, while security tokens will be used to manage holder rights, Metaplanet said Friday.

The joint study will examine whether Bitcoin can be used as collateral or credit enhancement for digital corporate bonds and other credit instruments, with 24/7 accessibility, settlement and daily interest accrual for holders, issued on the blockchain ledger. No product has been launched yet as part of the experiment.

The study suggests Metaplanet is looking beyond its role as a Bitcoin treasury company and testing how Bitcoin could be used as a productive balance sheet asset. The study ties into Metaplanet’s Project Nova, an initiative announced earlier this year, which looks to extend the business into a Bitcoin financial services ecosystem in Japan.

Cointelegraph contacted Metaplanet for comment on whether the study could lay the foundation for future Bitcoin-backed digital credit products.

Digital credit instruments have been an important part of Strategy’s playbook. The world’s largest corporate Bitcoin holder has relied on “digital credit” instruments such as the STRC preferred stock as a primary vehicle for raising capital to acquire more Bitcoin. 

Notice of Commencement of a Joint Study in the Digital Credit Domain Utilizing Bitcoin, JPYC, and Security Tokens. Source: Metaplanet 

Metaplanet is the world’s third-largest corporate Bitcoin holder at the time of writing, with 43,000 Bitcoin acquired for about $4.1 billion. The company acquired 2,823 Bitcoin during the second quarter of 2026 at an average price of about $78,850 per coin.

Metaplanet aims for a more “efficient” credit market 

Metaplanet said the joint study aims to explore the development of a “more efficient and transparent credit market for both issuers and investors.” 

The study will examine issues in product design, proof-of-concept initiatives and the possibility of future issuance, but it highlighted that nothing has been determined regarding issuance at this time.

Through Project Nova, Metaplanet treats Bitcoin as “productive collateral on the balance sheet.” Metaplanet said that the project aims to deliver “new yield products and capital market access to retail and institutional investors in Japan” to bridge conventional securities markets and digital asset markets. 

In June, Metaplanet announced plans to acquire Siiibo Securities and rename it Metaplanet Securities, as part of its broader plans to develop Project Nova.

In March, Metaplanet established a new venture firm, Metaplanet Ventures, to support the Bitcoin ecosystem’s development in Japan.

Related: Bitcoin nears cycle bottom as over half of supply is held at a loss, says K33

Investors are already showing demand for credit products tokenized on the blockchain.

Total RWA value, all-time chart. Source: RWA.xyz 

Looking at the $33 billion tokenized real-world asset sector, asset-backed credit was the third-largest sector worth $2.3 billion, while tokenized corporate credit was the fifth-largest with $1.76 billion in value tokenized on the blockchain, data aggregator RWA.xyz shows.

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