Metaplanet Unveils Bitcoin-Based Fixed Income Strategy After Posting Strong Q2 Profits
Metaplanet (3350), Japan’s largest publicly traded holder of bitcoin, has announced two major initiatives to expand its BTC-based financial infrastructure and further integrate the asset into traditional capital markets.
The Tokyo-based investment firm reported second-quarter revenue of ¥1.239 billion ($8.4 million), up 41% from the prior quarter, and posted a ¥11.1 billion ($75.1 million) net profit—its first after a ¥5 billion loss in the same period last year.
Dylan LeClair, the company’s Head of Bitcoin Strategy, introduced “Metaplanet Prefs” — perpetual preferred shares modeled after those used by U.S.-based MicroStrategy. These instruments will allow the firm to raise capital against its BTC holdings, expanding its treasury exposure while offering investors a structured product backed by bitcoin.
The firm also plans to construct a bitcoin-backed yield curve for Japan’s fixed income market. The goal is to facilitate the pricing of BTC-collateralized debt instruments, potentially unlocking new fixed-income investment opportunities tied to bitcoin for institutional players.
Metaplanet’s preferred share structure is designed to offer BTC-backed issuance across multiple maturities and credit profiles, potentially positioning bitcoin as a legitimate form of collateral in Japanese credit markets.
As of mid-August, the company holds 18,113 BTC—worth about $1.85 billion—placing it sixth among corporate bitcoin holders globally. While its stock remains down roughly 50% from all-time highs, it has rebounded 10% from recent lows.
These moves mark a strategic shift to embed bitcoin deeper into Japan’s financial system and scale Metaplanet’s treasury model beyond simple spot exposure.
