Metaplanet Issues ¥8 Billion in Zero-Coupon Bonds to Boost Bitcoin Reserves

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.

Japanese investment company Metaplanet has followed Strategy's lead in recent years by adding Bitcoin to its corporate treasury, aiming to diversify its exposure to yen-denominated assets and increase shareholders' exposure to the cryptocurrency. Its holdings have surpassed 43,000 Bitcoin, making the company a key barometer of corporate Bitcoin adoption in Asia.

Metaplanet spent about $170 million to buy 2,823 Bitcoin in the second quarter, taking its total holdings above 43,000 and lowering its average acquisition cost to $106,500 per Bitcoin. It also generated about $10.9 million in revenue from its Bitcoin income strategy during the quarter.

Metaplanet, a Tokyo-listed Bitcoin treasury company, has followed Strategy’s playbook by steadily accumulating Bitcoin with corporate funds, earning it the nickname “Asia’s MicroStrategy.” Its rapidly expanding holdings also reflect a broader trend among Japanese listed companies to adopt Bitcoin as an asset allocation.

In the first quarter of 2026, Metaplanet spent about $405 million to buy 5,075 Bitcoin, bringing its total holdings to 40,177 BTC. That made it the world’s third-largest corporate Bitcoin holder, behind only Strategy and Twenty One Capital. Revenue rose 251% year on year during the period, while the value of its holdings surpassed 500 billion yen.

Tokyo Stock Exchange-listed Metaplanet has made Bitcoin a core part of its treasury strategy since April 2024, steadily expanding its holdings through equity and debt financing in an effort to hedge against yen depreciation. The company aims to hold 100,000 Bitcoin by the end of 2026 and 210,000 by 2027, putting its fundraising efficiency and the risk of shareholder dilution under close market scrutiny.

On March 16, 2026, Metaplanet approved a private placement of 107.368 million new shares at ¥380 each, raising ¥40.8 billion, or about $255 million, on March 31. The deal also includes fixed-price warrants exercisable at ¥410 per share and variable-price warrants subject to mNAV thresholds. Full exercise of the fixed-price warrants could raise another roughly $276 million, taking total proceeds as high as $531 million.

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.