Metaplanet explores bitcoin-backed digital credit products as Japan’s tokenized finance market develops
Metaplanet, the Tokyo-based company and third-largest publicly traded bitcoin holder, is examining opportunities in the tokenized credit market as it looks to expand its bitcoin-focused strategy beyond simply holding BTC. The company aims to help establish bitcoin as a foundational asset within the future financial ecosystem.
The firm said it is studying the possibility of using bitcoin as collateral for digital credit products that accumulate interest daily. Metaplanet noted that similar bitcoin-backed financial instruments are already available in the United States but remain largely unavailable in Japan. Through tokenization, these products could support round-the-clock trading and settlement throughout the year.
Bitcoin-backed credit is an emerging financial category that uses BTC reserves as collateral for debt-based products. The model is gaining traction among companies with large bitcoin holdings, allowing them to generate additional income from their cryptocurrency reserves through interest- or yield-based offerings.
Metaplanet’s research group will include Siiibo Securities, acquired by the company last month for 2.1 billion yen ($13 billion), along with yen stablecoin issuer JPYC and regulated security token platform Progmat. Siiibo Securities will officially be renamed Metaplanet Securities on July 13.
The company said the group will explore areas such as product development, potential proof-of-concept projects, and the possibility of future issuance. However, Metaplanet stressed that no decisions have been made regarding launch schedules, product specifications, expected yields, distribution strategies, or the final partnership structure.
Metaplanet highlighted challenges within Japan’s traditional credit market, where public bond markets mainly serve large corporations. Smaller and high-growth businesses often face significant costs and administrative hurdles related to issuing debt, managing investors, handling interest payments, and completing repayments.
The company believes tokenized digital credit could help close this gap by connecting traditional financial markets with blockchain technology. Such products could offer continuous global trading, automated interest calculations, transparent onchain settlements, and digital management of investor rights.
Partner Responsibilities
Each organization involved in the study will contribute its own expertise:
- Metaplanet and its securities division will focus on creating bitcoin-linked credit products, managing investor distribution, maintaining customer relationships, and handling operational processes.
- JPYC will investigate how its yen-based stablecoin could support payment flows and redemption mechanisms for the products.
- Progmat will provide regulated blockchain infrastructure for token issuance, ownership tracking, asset transfers, and integration with stablecoin-based settlement systems.
Metaplanet currently holds about 43,000 BTC, valued at roughly $2.47 billion, making it one of the largest corporate bitcoin holders globally. Only Strategy and Twenty One Capital maintain larger publicly disclosed bitcoin reserves.
