Metaplanet is positioning its newly acquired Japanese securities business as a platform for Bitcoin-related financing products. According to Benchmark, the company is considering launching Bitcoin-backed bonds with an annualized yield of approximately 4% to 6%. However, this product is still in the planning stage, and the issuance timeline and specific terms have not been disclosed.
Enter the securities business after acquiring a brokerage firm
Metaplanet previously acquired Japanese securities firm Siiibo Securities for 2.1 billion yen and subsequently renamed it Metaplanet Securities in July. The subsidiary is positioned as a digital asset investment banking division, with a focus on Bitcoin-related financial products.
This transaction also granted Metaplanet a Type 1 Financial Instruments Business License under the supervision of Japan’s Financial Services Agency, allowing the company to design and sell securities products in Japan. According to company executives, applying for a similar license from scratch typically takes several quarters or longer.
The goal is to provide businesses with Bitcoin financing tools.
Benchmark analyst Mark Palmer said the market had previously underestimated the significance of this acquisition. According to his assessment, Metaplanet does not merely seek to finance Bitcoin purchases for itself, but also aims to transform its securities subsidiary into a platform serving more companies adopting Bitcoin treasury strategies.
所谓“Bitbonds”，是一种帮助企业通过发行债券筹集资金并用于购买比特币的工具。根据目前披露的计划，这类债券的初始票息可能在4%至6%之间。
- Target coupon rate: approximately 4% to 6%
- Primary use: Provide debt financing for businesses purchasing BTC.
- Platform主体：Metaplanet Securities
Subsequently, on-chain transactions and stablecoin settlements may be introduced.
According to Benchmark’s summary of the company’s plans, Metaplanet also intends to move such bonds onto the blockchain, introduce stablecoin settlement, and establish a secondary market. This suggests its business direction may expand beyond being a single-purpose Bitcoin treasury company to encompass digital securities and infrastructure for the crypto capital markets.
Prior to this, Metaplanet initiated a joint research initiative with JPYC, the issuer of the Japanese yen stablecoin, Progmat, a tokenization platform, and Metaplanet Securities to evaluate whether Bitcoin can serve as collateral for digital corporate bonds and other credit products, or as a credit enhancement tool.
The research covers product design, regulatory requirements, investor protection, distribution methods, and stablecoin settlement, as well as arrangements such as security tokens, 24/7 trading, and daily interest accrual.
The issuance terms have not yet been finalized.
Metaplanet has not yet disclosed the final issuance terms, the range of qualified investors, the collateral ratio, or the official launch date. Therefore, the yield of 4% to 6% remains part of a long-term plan and is not part of an already launched bond offering.
The company previously stated that the joint research does not equate to approval of a commercial product. Further progress depends on product approval, communication with Japanese regulators, and market demand for bitcoin-backed corporate bonds.
Additional information: Benchmark maintains its buy rating on Metaplanet’s stock with a target price of 405 yen. The report notes that the company holds 43,000 BTC, valued at nearly $2.8 billion at current prices, making it one of the top three largest corporate Bitcoin holders globally.