Key Highlights
- Metaplanet has established BitBonds, a continuous program for issuing senior unsecured ordinary bonds to support its Bitcoin strategy.
- The company completed the inaugural issuance of its 21st through 24th Series Unsecured Ordinary Bonds through a private placement.
- Each bond series will have separately determined maturity dates and interest rates, based on market conditions and investor demand.
Metaplanet Inc. has established a new bond issuance program called BitBonds as it expands financing options for its Bitcoin treasury strategy.
According to the official update on Thursday, the company also completed the inaugural issuance under the program of its 21st through 24th Series Unsecured Ordinary Bonds through a private placement to a small number of investors under Japan’s Financial Instruments and Exchange Act.
What is the BitBonds program?
BitBonds is a continuous bond issuance program under which Metaplanet plans to issue senior unsecured ordinary bonds on multiple occasions. The program creates a framework for ongoing issuance as required.
The terms for each series, including its maturity and interest rate, will be determined at the start of solicitation for that series. Each series will stand as a separate bond with its own terms, and investors will be solicited only for a specific series once its terms are fixed.
Metaplanet said it intends to use BitBonds as a financing method alongside common shares, equity-linked instruments, and preferred shares. The company plans to make the program a medium- to long-term component of its capital structure.
Bondholders will be entitled to the stated interest and repayment of principal according to the terms of each issuance, subject to Metaplanet’s creditworthiness.
Bondholders will not get direct Bitcoin exposure
Holders do not receive direct exposure to movements in the price of Bitcoin. The company’s common shares, by contrast, reflect changes in the value of its Bitcoin holdings more directly.
Metaplanet stated that BitBonds serves as a means of converting value held in the Bitcoin treasury into fixed-rate funding. Decisions on whether to issue future series, along with their scale, timing, and terms, will be made at the time of solicitation, subject to Small-Number Private Placement requirements, funding needs, market conditions, and investor demand.
The company further plans to develop its issuance framework, including the appointment of a bond manager, in preparation for larger-scale issuance. The company reported that the inaugural issuance is expected to have an immaterial impact on consolidated results for the fiscal year ending December 2026. Future disclosures will be made as necessary for each series.
Recent Bitcoin transfer clarification
On the same day, Metaplanet addressed a transfer of 5,014 BTC, valued at approximately $322 million at the time of publication. The company moved the Bitcoin between its own wallets over a 24-hour period. CEO Simon Gerovich stated that the transfer was a routine custody operation and did not involve a sale.
Metaplanet confirmed that its holdings remain at 43,000 BTC. Because the company publishes all of its wallet addresses, the movement was visible on the blockchain. The total network fee for the transfer was approximately $8.
Public companies take different approaches to Bitcoin treasuries
Public companies with Bitcoin holdings have followed varied approaches in 2026.
Strive, a Bitcoin treasury firm, has continued the accumulation of Bitcoin. MARA Holdings, a Bitcoin miner, has monetized a substantial portion of its holdings to support operations and expansion.
Capital B, Europe’s first dedicated Bitcoin treasury company, received shareholder approval on June 17, 2026, for financing measures totaling up to €105 billion for its Bitcoin strategy. The resolutions included authorization for up to €5 billion in nominal equity capital increases and up to €100 billion in credit instruments, with more than 95% of shareholders supporting the measures.
Metaplanet’s BitBonds program adds another financing structure to the range of methods public companies are using to fund Bitcoin treasury strategies.
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