Metaplanet Pairs Its 43,000 BTC Stash With JPYC and Progmat to Study Tokenized Credit 🏦

Tokyo-listed bitcoin treasury company Metaplanet is studying bitcoin-backed digital credit products in Japan together with yen stablecoin issuer JPYC and security token platform Progmat, with the firm’s recently acquired brokerage Metaplanet Securities also joining the project. The four companies confirmed the joint study on Friday, saying it will examine product design, proof-of-concept initiatives and the possibility of future issuance, while stressing that nothing has been determined regarding timing, terms, yield, product details, distribution methods or the form of collaboration.

The study is set against Metaplanet’s 43,000 BTC holdings, accumulated for roughly $4.1 billion, including 2,823 BTC acquired in the second quarter of 2026 at an average price of about $78,850 per coin. The company, the third-largest publicly traded holder of bitcoin ($BTC $64,174.33), has framed its holdings as a foundational asset for credit enhancement, collateral and regulated digital markets rather than a passive balance sheet line.

The group said the joint work will look at using BTC as collateral or credit enhancement for digital corporate bonds and other credit instruments, with onchain settlement, 24/7 accessibility and daily interest accrual. The initiative spans the digital credit domain broadly, ranging from digital corporate bonds to other credit instruments, the company said, adding that the partners will “explore the development of a more efficient and transparent credit market for both issuers and investors.”

Metaplanet pointed to the structure of Japan’s traditional credit market, where large corporations dominate public bond issuance and mid-sized and growth companies face high costs around issuance, sales, investor management, interest payments and redemptions. Digital credit could lower those costs and bring new yield products and capital market access to retail and institutional investors in Japan, the company said, tying the work to its previously announced Project Nova, an effort to extend the business into a bitcoin financial services ecosystem in Japan. Siiibo Securities, acquired last month for 2.1 billion yen (about $13 billion as reported), will be renamed Metaplanet Securities on July 13 and will contribute its expertise in structuring and distributing financial products.