Metaplanet explores bitcoin-backed credit products as it expands beyond BTC accumulation

Metaplanet, the third-largest publicly listed company by bitcoin holdings, is exploring the development of bitcoin-backed digital credit products in Japan as it seeks to move beyond its role as a major BTC accumulator and promote bitcoin’s use as a core financial asset.

The Tokyo-based company said it is researching whether bitcoin could be used as collateral for tokenized credit instruments that provide daily interest accrual. Metaplanet noted that similar products have already gained traction in the U.S., but Japan currently has limited access to comparable bitcoin-based credit solutions. The company added that blockchain technology could enable these instruments to be traded and settled continuously, 24 hours a day, every day of the year.

Bitcoin-backed credit is an emerging sector that uses BTC holdings as collateral to create financial products linked to debt markets. The concept has largely been driven by companies with significant bitcoin reserves, allowing them to generate additional income from their holdings instead of keeping assets idle.

The initiative will involve several partners, including Siiibo Securities, which Metaplanet acquired last month for 2.1 billion yen ($13 billion), along with JPYC, a yen-pegged stablecoin issuer, and Progmat, a regulated digital securities infrastructure provider. Siiibo Securities is expected to be rebranded as Metaplanet Securities on July 13.

Metaplanet said the group will evaluate potential product structures, conduct feasibility studies, and consider whether future issuance could take place. However, the company emphasized that no final decisions have been reached regarding launch timing, product details, interest rates, distribution channels, or the specific form of cooperation.

The company pointed out that Japan’s conventional credit market is primarily built around large corporations accessing public bond markets. Smaller and fast-growing companies often face high costs and operational difficulties related to debt issuance, investor management, interest payments, and repayment processes.

Metaplanet believes tokenized credit could create new financing opportunities by combining traditional capital markets with blockchain infrastructure. The model could provide features such as continuous trading, global settlement, automated interest calculations, transparent blockchain-based payments, and digital management of investor rights.

Roles of the Participating Firms

The companies involved in the study will contribute different areas of expertise:

• Metaplanet and its securities arm will focus on designing bitcoin-backed credit products, distributing them to investors, managing client relationships, and overseeing operations after issuance.
• JPYC will explore how its yen-based stablecoin could be integrated to support payments and redemption processes.
• Progmat will provide the regulated tokenization framework required for issuing digital assets, recording ownership, managing transfers, and connecting blockchain transactions with stablecoin settlement.

Metaplanet currently holds approximately 43,000 BTC, valued at around $2.47 billion, ranking behind only Strategy and Twenty One Capital among publicly traded companies with the largest bitcoin reserves.