Metaplanet Unveils Bitcoin-Backed Yield Curve and Preferred Shares Amid Strong Earnings

Japan’s largest publicly listed bitcoin holder, Metaplanet (3350), has announced two ambitious initiatives aimed at expanding its BTC treasury strategy and embedding bitcoin deeper into the country’s fixed income landscape.

The Tokyo-based investment firm revealed the plans alongside its second-quarter earnings report, which showed revenue jumping 41% quarter-over-quarter to ¥1.239 billion ($8.4 million). Net income surged to ¥11.1 billion ($75.1 million), reversing a ¥5.0 billion loss from the previous year.

Dylan LeClair, Head of Bitcoin Strategy at Metaplanet, introduced “Metaplanet Prefs” — a perpetual preferred equity instrument modeled after MicroStrategy’s (MSTR) approach. The product is designed to strengthen Metaplanet’s BTC accumulation strategy by enabling bitcoin-backed capital raises.

Through this new structure, Metaplanet aims to bring BTC-collateralized credit products to Japan’s fixed income market, potentially setting a precedent for broader institutional adoption. The preferred shares will accommodate a range of credit profiles and durations, aligning with domestic investor demand and framing bitcoin as credible collateral.

In parallel, the firm is working to develop a bitcoin-based yield curve within Japan’s bond markets. The framework would establish standardized pricing for BTC-backed debt instruments, giving institutional investors new tools to earn yield while gaining BTC exposure.

Metaplanet currently holds 18,113 BTC — worth approximately $1.85 billion — ranking it as the sixth largest corporate holder globally. While shares have pulled back 50% from their all-time highs, they remain up 10% from recent lows, reflecting cautious investor optimism around the company’s bold BTC-forward strategy.