Metaplanet Launches BitBonds, Denies Bitcoin Sale

Tokyo-listed Metaplanet has pursued a Bitcoin treasury strategy since 2024, using capital raising, debt and options-related income to build one of the largest corporate holdings of the cryptocurrency. That makes movements from its wallets closely watched: large transfers can be mistaken for exchange deposits or impending sales, potentially affecting perceptions of the company’s net asset value and adding pressure to an already volatile Bitcoin market.

Blockchain data on Aug. 13 showed Metaplanet moving 3,881 Bitcoin between wallets it controls, part of related transfers totaling 5,014 tokens worth about $322 million. Chief Executive Simon Gerovich rejected speculation that the company had sold the assets, saying its treasury remained intact at 43,000 Bitcoin as reported on June 30. Bitcoin traded near $63,600, while investors also weighed strong AI-related earnings from major technology companies.

Metaplanet has pursued a Bitcoin treasury strategy since 2024, drawing comparisons with Strategy as it accumulated 43,000 BTC worth roughly $2.8 billion by July 2026. On June 12, the Tokyo-listed company agreed to buy Siiibo Securities for 2.1 billion yen ($13 million), gaining a Type I Financial Instruments Business Operator license. The regulated brokerage, renamed Metaplanet Securities, gives the group a platform to structure and distribute Bitcoin-linked fixed-income products rather than merely use debt to finance its own cryptocurrency purchases.

On July 10, Metaplanet, Metaplanet Securities, JPYC and Progmat began studying Bitcoin-backed digital credit using yen-stablecoin settlement and security-token infrastructure. Benchmark said on July 27, after meeting Director of Bitcoin Strategy Dylan LeClair, that the market was underestimating the plan. Metaplanet envisions Bitbonds yielding 4% to 6%, eventually moving on-chain with stablecoin settlement and developing a secondary market over several years. Benchmark kept its Buy rating and 405-yen target; issuance dates, final terms and product approvals have not been announced.

Strategy, formerly MicroStrategy, began its Bitcoin treasury strategy in August 2020, when the roughly $1 billion software company put $250 million of cash into the cryptocurrency. The move, initially dismissed as a publicity stunt, became a template for using equity, debt and preferred stock to expand corporate Bitcoin exposure, while also drawing scrutiny over concentration, funding costs and the volatility embedded in the model.

Metaplanet Chief Executive Simon Gerovich said on July 27, 2026, that Strategy’s underlying logic had not changed through repeated swings in investor opinion. Strategy held 843,775 BTC worth more than $50 billion. Metaplanet, meanwhile, held 43,000 BTC as of July 10 and completed its 2.1 billion yen ($13 million) acquisition of Siiibo Securities on July 13, gaining a regulated channel to develop and distribute Bitcoin-linked yield products under Project Nova.

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.