Metaplanet has formally launched BitBonds, a continuing issuance program for unsecured ordinary bonds, and completed an inaugural private placement of about 200 million yen covering its 21st through 24th bond series through wholly owned subsidiary Metaplanet Securities under Japan's small-number private placement regime. CEO Simon Gerovich said the first sale was intentionally small and serves as a pilot to build the framework for future issuance, distribution and management as the company expands financing options for its Bitcoin treasury strategy. Metaplanet said the bonds are unsecured and are not collateralized by the Bitcoin on its balance sheet, though it plans to use its Bitcoin reserve-backed balance sheet and its securities unit's financial product capabilities to build a broader related platform. The program is intended to sit alongside common shares, equity-linked instruments and preferred shares, with each future series expected to carry its own maturity date and interest rate based on funding needs, market conditions and investor demand. The company has said the inaugural issuance should have an immaterial effect on consolidated results for the fiscal year ending December 2026. Separately, Metaplanet has denied reports that it sold Bitcoin, saying a visible 5,014 BTC transfer worth about $322 million was a routine custody move and that holdings remain at 43,000 BTC.