Bitcoin treasury company Metaplanet unveils BitBonds with $1.3 million private debt sale

Japanese bitcoin treasury company Metaplanet (3350) unveiled a continuous bond issuance program, dubbed “BitBonds,” completing its first sale with four privately placed series worth about 200 million yen ($1.3 million).

The Tokyo-listed company said the unsecured senior bonds mature in roughly three years and carry annual interest rates of 4% to 4.3%. Solicitation began in late July and has now closed, according to an Aug. 13 disclosure.

Metaplanet said BitBonds will sit alongside common stock, equity-linked securities and preferred shares as a core funding channel. Future issuance will depend on funding needs, market conditions and investor demand, with the company eventually considering registered public offerings.

Unlike Metaplanet shares, which tend to reflect changes in the value of its bitcoin holdings, the bonds offer fixed interest and principal repayment based on the company’s creditworthiness. However, they are unsecured, unrated and not principal-protected, while the issuer’s financial position remains heavily exposed to bitcoin price swings.

The bonds also carry transfer restrictions, and liquidity before maturity is not guaranteed.

The inaugural securities were distributed through wholly owned Metaplanet Securities to individuals and companies under Japan’s small-number private placement rules, marking the firm’s broader push into Japan’s yen-denominated credit market.

The announcement comes as CEO Simon Gerovich denied speculation that Metaplanet had sold bitcoin, saying a 5,014 BTC movement was a routine custody transfer and its holdings remain at 43,000 BTC.

Metaplanet shares closed 0.9% higher at 223 yen ($1.40) on Thursday.