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Bitcoin treasury company explores Japan tokenized credit market with JPYC, Progmat

Bitcoin treasury company explores Japan tokenized credit market with JPYC, Progmat

Metaplanet is using its 43,000 BTC treasury and newly acquired securities arm to study bitcoin-backed digital bonds and other tokenized credit products within Japan’s regulatory framework.

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Fact Check
Multiple independent authoritative sources confirm the claim. Bitcoin Magazine and CoinDesk both report Metaplanet's July 10, 2026 joint study with JPYC and Progmat on bitcoin-backed tokenized credit aimed at 24/7 debt financing in Japan. The Tech in Asia report (via Sam Boboev) explicitly names Siiibo Securities as a study participant, and Bitcoin Magazine confirms Siiibo was acquired and is being renamed Metaplanet Securities on July 13. Metaplanet CEO Simon Gerovich's own X post announcing the study was widely amplified. Sources note the study is early-stage with no product terms finalized, consistent with the claim's framing of 'explores' and 'study.'
Summary

Metaplanet is studying whether its bitcoin holdings can be used as collateral for tokenized credit instruments in Japan, extending its strategy beyond treasury accumulation toward a bitcoin-centered financing platform. The effort brings together Metaplanet, JPYC, Progmat and Siiibo Securities, the licensed brokerage Metaplanet acquired for about 2.1 billion yen that will become Metaplanet Securities on July 13, giving the company access to roughly 250,000 investors. The companies are exploring digital corporate bonds and related products that could use bitcoin as collateral, security tokens for ownership and transfer controls, and a yen stablecoin for issuance, redemption and potentially daily interest distributions. Metaplanet said no issuance date, rate, product structure or sales method has been set, and any launch would require regulatory approval in Japan as well as further internal review and proof-of-concept testing. The initiative is part of Project NOVA, under which Metaplanet is seeking to put its 43,000 BTC treasury to work as credit enhancement and collateral rather than relying only on balance-sheet exposure to bitcoin’s price.

Terms & Concepts
  • tokenized credit instruments: Debt products issued and managed as digital tokens using blockchain-based infrastructure.
  • stablecoin: A digital token designed to maintain a fixed value relative to a currency or other reference asset.
  • bitcoin collateral: Bitcoin pledged to help secure or support a financial product or borrowing arrangement.