Metaplanet, the Tokyo-listed company holding 43,000 BTC as of July 2026, announced plans to explore bitcoin-backed bonds offering yields between 4% and 6%. This initiative, named Project NOVA, is a collaboration with JPYC, a yen stablecoin issuer, and Progmat, a tokenization platform, aiming to create digital bonds for Japanese investors.
Unlike typical decentralized finance projects, these "Bitbonds" would operate within Japan's regulated financial system. The bonds would feature fixed coupons backed by Metaplanet's Bitcoin treasury, with a future goal of settling payments on-chain through stablecoins. Such blockchain-based settlement could cut delays and intermediary fees common in fixed-income markets.
Currently, the project is in a research phase with no finalized terms or issuance dates. However, analysts at Benchmark have highlighted the potential viability of these instruments. Metaplanet’s model resembles the debt-funded Bitcoin accumulation strategy popularized by US firm MicroStrategy, but aims to extend it by offering investable products to third parties.
