Metaplanet Eyes Bitcoin-Backed Digital Credit Expansion in Japan

Metaplanet is exploring the launch of bitcoin-backed digital credit products in Japan

Metaplanet, the Tokyo-listed company that ranks as the third-largest publicly traded bitcoin holder, is considering entering the tokenized credit sector as it looks to expand beyond accumulating BTC and promote bitcoin as a core component of the future financial system.

The company said it is researching whether bitcoin can serve as collateral for digital credit products that generate interest daily. According to Metaplanet, similar products already exist in the U.S., but the Japanese market currently lacks comparable offerings. By using blockchain technology, these instruments could potentially support continuous trading and settlement around the clock.

Bitcoin-backed credit is an emerging financial model that uses BTC holdings as collateral for debt-based products. The sector has mainly been driven by publicly traded companies with significant bitcoin reserves, allowing them to transform dormant BTC holdings into income-generating assets through dividend- or yield-based financial products.

Metaplanet’s research initiative will involve several partners, including 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 is scheduled to be renamed Metaplanet Securities on July 13.

The company said the group will evaluate product structures, potential proof-of-concept projects, and the feasibility of future issuance. However, Metaplanet emphasized that no decisions have been finalized regarding launch timing, product terms, yields, distribution methods, or the exact structure of any potential partnership.

Metaplanet noted that Japan’s traditional credit market primarily serves large corporations through public bond markets, while smaller and growing companies often face significant challenges related to issuance expenses, investor relations, payment processing, and redemption management.

The company believes tokenized digital credit could provide smaller businesses with easier access to financing by connecting traditional capital markets with blockchain infrastructure. Such a system could enable 24/7 global trading, automated interest calculations, transparent onchain payments, and digital management of investor rights.

Roles of the Participating Companies

Each participant will contribute specialized expertise to the initiative.

• Metaplanet and its securities division would focus on designing bitcoin-linked credit products, managing distribution, communicating with investors, and overseeing post-issuance operations.
• JPYC would examine how its yen-backed stablecoin could support payment flows and redemption processes within the system.
• Progmat would provide the regulated blockchain infrastructure needed to tokenize the products, manage ownership records, process transfers, and integrate stablecoin-based settlement.

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

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