Metaplanet launched a continuous bond issuance program called BitBonds on Aug. 13 and completed its first four private placements, raising about 200 million yen, or roughly $1.3 million.\u00a0<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n The Tokyo listed Bitcoin treasury company said in its disclosure<\/a> that its 21st through 24th series unsecured ordinary bonds carry annual interest rates of about 4% to 4.3% and mature in roughly three years.<\/p>\n The bonds were distributed through wholly owned Metaplanet Securities under Japan\u2019s small number private placement framework. Solicitation began in late July and has now closed. Future series will be priced separately according to funding needs, market conditions and investor demand.<\/p>\n <\/p>\n Metaplanet said BitBonds will sit alongside common shares, equity linked instruments and preferred shares as a recurring funding channel. The program lets the company issue senior debt as needed rather than depend on a single large bond transaction. Metaplanet \u201cintends\u201d to prepare for public bond offerings if issuance expands, but no such offering has been approved.<\/p>\n The launch follows Metaplanet\u2019s July acquisition of Siiibo Securities, which was renamed Metaplanet Securities. As previously reported, the transaction gave Metaplanet a regulated securities platform for Bitcoin related financial products<\/a>. Metaplanet\u2019s latest results say the platform had supported more than 100 bond issuances by over 40 issuers before joining the group.<\/p>\n The inaugural securities differ from earlier descriptions of potential Bitcoin backed bonds. Metaplanet\u2019s filing states that these BitBonds are unsecured, unguaranteed and unrated. No security interest has been granted over Bitcoin or other group assets, and principal is not protected. Investors instead rely on Metaplanet\u2019s overall ability to repay.<\/p>\n Bitcoin nevertheless remains relevant to the credit risk because it is Metaplanet\u2019s principal asset. The company warned that its financial condition and ability to meet principal and interest obligations could be affected by Bitcoin price movements. The bonds also carry transfer restrictions, while liquidity before maturity is not guaranteed.<\/p>\n As previously reported, Metaplanet had outlined plans for BitBonds yielding roughly 4% to 6%<\/a>, with longer term ambitions involving tokenization and stablecoin settlement. The live program starts more narrowly with privately placed corporate bonds paying 4% to 4.3%. No tokenized settlement feature was announced for the inaugural issuance.<\/p>\n Metaplanet\u2019s Aug. 13 interim results<\/a> put that credit exposure in context. First half net sales rose 133.7% year over year to 4.94 billion yen and operating profit increased 136.3% to 3.33 billion yen. However, Metaplanet posted a 182.77 billion yen net loss, primarily because of a 184.30 billion yen noncash Bitcoin valuation loss.<\/p>\n At June 30, Metaplanet held 43,000 BTC and reported total assets of 418.18 billion yen and net assets of 340.88 billion yen. It had also drawn $414 million from a $500 million Bitcoin collateralized credit facility. Unlike the new BitBonds, Bitcoin pledged under that facility gives the lender priority rights over the collateral.<\/p>\n CEO Simon Gerovich separately confirmed Thursday that Metaplanet still owns 43,000 BTC after 5,014 BTC moved between company custodial addresses. As previously reported, Gerovich confirmed no Bitcoin was sold during the custody transfers<\/a>.<\/p>\n Metaplanet said future BitBond series may differ in size, maturity and interest rate. The company warned that future offerings \u201cmay also be modified, postponed or cancelled\u201d depending on its decisions and market conditions. Metaplanet Securities is expected to handle solicitation, allocations and administration while applying its investor eligibility standards.<\/p>\n Metaplanet shares closed Thursday at 223 yen, up 0.9%, but the BitBonds disclosure was published after the Tokyo market closed.\u00a0<\/p>\n The regular session therefore did not capture investor reaction to the announcement. The next developments will be additional private bond series and any steps toward a registered public offering.<\/p>\n <\/p><\/div>\n\n
Metaplanet BitBonds add fixed rate debt to funding mix<\/strong><\/h2>\n
The first BitBonds are not secured by Bitcoin<\/strong><\/h2>\n
Same day results show the balance sheet risk<\/strong><\/h2>\n
What happens next for BitBonds<\/strong><\/h2>\n
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