Metaplanet shares climb 4.2% on study of Bitcoin-backed digital credit for Japan

Metaplanet shares rose 4.20% to 248 yen on Friday after the Tokyo-listed company said it has begun studying Bitcoin-backed digital credit products for Japan's bond market. The company will work with JPYC and Progmat to explore tokenized corporate bonds and other debt instruments that could trade and settle 24/7, use stablecoins for settlement, and calculate interest on a daily basis. The partners stressed that no product launch has been approved and that key items—including structure, legal compliance, technical design, yields, and distribution—remain under review. During the session, Metaplanet gained 10 yen and briefly traded above 260 yen before paring gains. Trading activity picked up after the open, while late-session selling pushed the price below 250 yen. The stock found support around 245 yen and edged higher into the close. Under the proposed framework, Metaplanet and Metaplanet Securities would examine product structuring, offering and ongoing management, including investor communications and post-sale administration. JPYC would oversee stablecoin issuance and redemption, as well as interest and principal settlement. Progmat would provide the regulated infrastructure for token issuance, ownership records, transfers, and investor registries. The parties also plan to test the linkage between security token records and JPYC settlement flows, focusing on payment timing, controls, record accuracy, and operational responsibilities. Metaplanet said Japan's corporate bond market is dominated by large issuers, while mid-sized and growth companies often face high costs tied to issuance, sales, investor recordkeeping, coupon payments, and redemptions. The group believes digital workflows and tokenized terms could reduce operating burdens and potentially broaden access to credit markets, subject to Japan's legal and regulatory requirements. Next steps include evaluating product design, technical specifications, legal issues, and potential proof-of-concept efforts, along with how investors would buy, hold, transfer, and redeem the instruments. No final terms have been set for issuance size, interest rates, maturities, collateral levels, or sales channels. Metaplanet linked the initiative to Project NOVA, which positions Bitcoin as productive balance-sheet collateral rather than a passive treasury holding. The company said it holds 43,000 Bitcoin, placing it among the largest publicly listed corporate holders. Its securities expansion also includes Siiibo Securities, which is set to adopt the Metaplanet Securities name on July 13.