Metaplanet Partners With JPYC to Explore Bitcoin-Backed Digital Credit in Japan
Japan-listed Metaplanet has actively added Bitcoin to its treasury reserves, with holdings reaching 43,000 BTC, worth about $170 million, as of July 2026. Yet companies have long lacked ways to unlock liquidity from their crypto holdings. The initiative marks Metaplanet's first attempt to use Bitcoin as collateral alongside a yen stablecoin and tokenization platform, potentially giving businesses access to liquidity without selling their crypto assets.
On July 10, 2026, Metaplanet Securities announced a joint research initiative with stablecoin issuer JPYC and tokenization platform Progmat under the name Project NOVA. The project plans to use Bitcoin as collateral, employ the yen-denominated JPYC stablecoin for payment and settlement, and issue credit products such as digital corporate bonds. The research remains at an experimental feasibility-assessment stage, and no specific product has been launched.
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The history behind this eventMetaplanet Issues ¥8 Billion in Zero-Coupon Bonds to Boost Bitcoin Reserves
Metaplanet, formerly a Japanese hotel operator, transformed itself into a “Bitcoin treasury company” in April 2024. It has continued buying Bitcoin through equity and debt financing to hedge against yen depreciation and increase its Bitcoin holdings per share. As of the end of March 2026, it held 40,177 Bitcoin, making it one of the world’s leading corporate holders of the cryptocurrency among publicly listed companies.
On April 24, 2026, Metaplanet issued its 20th series of ordinary corporate bonds to EVO FUND, raising ¥8 billion, or about $50 million. All proceeds will be used to purchase Bitcoin, equivalent to roughly 740 Bitcoin at the price at the time. The unsecured bonds carry a 0% coupon and are scheduled to mature on April 23, 2027, when they will be redeemed at face value.
Metaplanet Forms Subsidiaries and Invests in JPYC to Build Japan’s Bitcoin Financial Infrastructure
Metaplanet, which transformed itself in 2024 into a listed company with Bitcoin as its core reserve asset, is expanding its strategy beyond simply holding the cryptocurrency and into financial services. Japan is expected to reclassify Bitcoin as a regulated financial asset as early as January 2028, making lending, payments, custody and compliance infrastructure critical to institutional adoption.
On March 12, 2026, Metaplanet approved the creation of two wholly owned subsidiaries, Metaplanet Ventures and Metaplanet Asset Management. Ventures plans to invest about 4 billion yen over two to three years, starting with an investment of up to 400 million yen in yen-stablecoin issuer JPYC in April. Metaplanet Asset Management will be based in Miami and focus on Bitcoin asset management.
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