Metaplanet launches BitBonds program with $1.3 million private debt sale

Japanese Bitcoin treasury company Metaplanet has launched its "BitBonds" program, raising 200 million yen ($1.3 million) through a private placement of three-year unsecured bonds. The launch coincided with CEO Simon Gerovich clarifying that a recent $322 million transfer of 5,014 BTC was a routine custody operation, not a sale. Metaplanet remains Asia's largest public Bitcoin holder with 43,000 BTC, though it faces $1.4 billion in unrealized paper losses and a 43% year-to-date decline in its stock price.

BitBonds program launch

• ▪Metaplanet Securities distributed the inaugural BitBonds to individuals and corporate investors under Japan's small-number private placement rules.
• ▪The inaugural BitBonds series are unsecured, unrated senior bonds maturing in roughly three years with annual interest rates ranging from 4% to 4.3%.
• ▪Metaplanet launched a continuous bond issuance program called BitBonds, completing its first sale of four privately placed series worth approximately 200 million yen or $1.3 million.

Bitcoin custody transfer clarification

• ▪Metaplanet CEO Simon Gerovich clarified on August 13, 2026, that a transfer of 5,014 Bitcoin worth $322 million was a routine custody operation and no assets were sold.
• ▪Metaplanet conducted a similar custody rearrangement of approximately 4,986 Bitcoin in March 2026 that did not result in any market sales.
• ▪The transfer of 5,014 Bitcoin by Metaplanet over a 24-hour span starting August 12, 2026, cost the company approximately $8 in network fees.

Metaplanet Bitcoin treasury position

• ▪Metaplanet is targeting total holdings of 100,000 Bitcoin by the end of 2026 and 210,000 Bitcoin by the end of 2027.
• ▪Metaplanet established Metaplanet Ventures in March 2026, pledging 4 billion yen or $25 million over two to three years to invest in Bitcoin and crypto infrastructure in Japan.
• ▪Metaplanet holds 43,000 Bitcoin, making it the third-largest publicly traded Bitcoin treasury company globally and the largest in Asia.

Corporate funding strategy

• ▪Metaplanet previously raised $50 million in April 2026 through its 20th series ordinary bond sale, which was led by major backer EVO Fund.
• ▪Metaplanet established BitBonds to serve as a core funding channel alongside common stock, equity-linked securities, and preferred shares.

Unrealized losses on holdings

• ▪Metaplanet reported a heavy interim loss for the first half of 2026 ending June 30, during which its common dividend remained at zero.
• ▪Metaplanet is sitting on an unrealized paper loss of approximately $1.4 billion, with Bitcoin trading near $63,800 on August 13, 2026, compared to the company's average purchase price of $96,191.

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