The brokerage structure created based on the Japanese investment company will not be used simply as a funding channel for its own Bitcoin purchases, meaning this is not exclusively about Metaplanet bonds. Sources at Benchmark claim the platform is planned to be transformed into a full-fledged market for debt instruments—tokenized bonds backed by Bitcoin collateral, which Metaplanet calls Bitbonds.
According to Metaplanet management's concept, the subsidiary brokerage structure is intended to become a platform where companies accumulating Bitcoin can issue debt obligations to finance purchases of the leading cryptocurrency. At the initial stage, the expected bond yield is projected to be 4–6% per annum. Later, the company plans to transfer these bonds to the blockchain, use stablecoins for settlements, and develop a secondary market.
The final issuance parameters—the pool of potential investors, the collateral-to-loan ratio, and the launch date—have not yet been disclosed. Nevertheless, Metaplanet has already launched a study of investor preferences regarding the design of the future product, trading hours, coupon payment schedules, protection of depositor interests, distribution channels, and settlements in stablecoins.
The opportunity to launch Bitcoin-backed bonds arose for the company following the acquisition deal of Siiibo Securities for 2.1 billion yen (approximately $13 million). This gave Metaplanet access to a regulated Japanese securities trading platform—Siiibo Securities had the necessary license for this. The resulting structure, Metaplanet Securities, operates as an investment banking business and specializes in financial products linked to Bitcoin.
Bonds backed by Bitcoin have appeared on the market before. In October last year, Goldman Sachs issued securities where the repayment of the principal debt and coupon payments were tied to the movement of Bitcoin's price. Russia's largest state bank, Sber, also placed the first issuance of bonds on the Moscow Exchange, whose yield depended on the dynamics of Bitcoin's price in rubles.
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