MarketsBitcoin treasury company Metaplanet launches BitBonds with $1.3 million private placement

The first series of unsecured bonds provide annual returns of up to 4.3%, while investors face potential risks linked to Metaplanet’s credit and bitcoin assets

By James Van Straten|Edited by Jamie Crawley50 min ago1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Cedric Cullen/Unsplash)SummaryShow
  • Metaplanet, a Japanese bitcoin treasury firm, has introduced a continuous bond issuance program called “BitBonds,” successfully completing its first sale of four private series totaling approximately 200 million yen ($1.3 million).
  • The BitBonds initiative offers Metaplanet a new fixed-rate funding source alongside its stock and other equity-linked instruments, with future offerings contingent on market demand and financing requirements.
  • These unsecured and unrated bonds are reliant on Metaplanet’s credit standing, which means investors are indirectly affected by the fluctuations in the value of its bitcoin-heavy balance sheet.

Metaplanet, a Tokyo-based bitcoin treasury company (3350), has rolled out a continuous bond issuance program known as “BitBonds,” marking the completion of its first sale with four privately placed series amounting to about 200 million yen ($1.3 million).

The unsecured senior bonds, which are set to mature in approximately three years, offer annual interest rates ranging from 4% to 4.3%. The solicitation period began in late July and has recently concluded, according to a disclosure from August 13.

According to Metaplanet, BitBonds will serve as a key funding avenue alongside common stock, equity-linked securities, and preferred shares. Future bond issuance will be influenced by the company’s funding needs, prevailing market conditions, and investor interest, with the possibility of public offerings in the future.

In contrast to Metaplanet’s shares, which are sensitive to the valuation of its bitcoin assets, the bonds provide fixed interest payments and principal repayment based on the company’s credit rating. However, they are unsecured and unrated, lacking principal protection, while the issuer remains significantly vulnerable to fluctuations in bitcoin prices.

These bonds also come with transfer restrictions, and liquidity prior to maturity is not assured.

The first batch of securities was issued through Metaplanet Securities, its wholly owned subsidiary, to both individuals and businesses under Japan’s small-number private placement regulations, representing the company's broader strategy to enter Japan’s yen-denominated credit market.

This announcement follows CEO Simon Gerovich's denial of rumors regarding the sale of bitcoin, clarifying that the transfer of 5,014 BTC was merely a routine custody operation and that the firm’s holdings remain at 43,000 BTC.

On Thursday, Metaplanet’s stock rose by 0.9%, closing at 223 yen ($1.40).

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