Metaplanet plans bitcoin-backed Bitbonds with 4% to 6% yields

Metaplanet has spent the last two years becoming Asia’s answer to MicroStrategy, stacking Bitcoin with evangelical discipline. Now it wants to do something MicroStrategy hasn’t: turn that Bitcoin pile into a yield-producing financial product and sell it to Japanese retail and institutional investors. On July 10, 2026, the Tokyo-based firm announced Project NOVA, a feasibility study conducted alongside JPYC and Progmat, exploring the creation of bitcoin-backed digital credit instruments, including tokenized corporate bonds. The target yield range sits at 4% to 6% annually, which sounds modest until you remember Japan has spent the better part of three decades in a near-zero interest rate environment. What Project NOVA actually is Project NOVA is not a product launch. It is a structured feasibility study examining whether Metaplanet can legally, technically, and commercially issue bitcoin-backed bonds to Japanese investors. The three-way collaboration divides responsibilities cleanly. Metaplanet brings the collateral: approximately 43,000 BTC, worth around $2.75B at current prices. JPYC provides settlement infrastructure through its yen-pegged stablecoin. Progmat, a tokenization plat...