Metaplanet Inc., the Tokyo-listed company known for its substantial Bitcoin treasury, has established a continuous bond issuance program called BitBonds and completed its inaugural series of private placements. The move coincides with a public denial by its chief executive that recent on-chain movements of Bitcoin represented any sale of the digital asset.

First BitBonds Issuance Details

On August 13, Metaplanet announced the launch of BitBonds and the completion of its 21st through 24th series of unsecured ordinary bonds. The four private placements raised approximately 200 million yen, equivalent to roughly 1.25 million to 1.3 million dollars. The bonds carry annual interest rates between 4 percent and 4.3 percent and mature in about three years.

Distribution occurred through the company’s wholly owned subsidiary, Metaplanet Securities, under Japan’s small-number private placement framework. Solicitation began in late July and has closed. The securities are unsecured, unguaranteed and unrated. No security interest has been granted over Bitcoin or other group assets, and principal is not protected. Investors rely on Metaplanet’s overall repayment capacity.

The company stated that BitBonds will form part of a recurring funding mix alongside common shares, equity-linked instruments and preferred shares. Future series may vary in size, maturity and interest rate according to funding needs, market conditions and investor demand. Metaplanet indicated it intends to prepare arrangements for potential public bond offerings if the scale of issuance expands, though no such offering has been approved.

Bitcoin Holdings and Transfer Clarification

On the same day, Chief Executive Officer Simon Gerovich addressed speculation surrounding a transfer of 5,014 Bitcoin, valued at around 320 million dollars. Online trackers had flagged movements from known company wallets, prompting questions about a possible sale amid broader activity by other corporate Bitcoin holders.

Gerovich noted that the transfers were visible because the company publishes its Bitcoin addresses. A similar custody rearrangement of roughly 4,986 Bitcoin had occurred in March without any sale. Metaplanet continues to hold 43,000 Bitcoin, positioning it as one of the largest listed corporate holders of the asset.

The firm has previously added to its treasury, including purchases of 5,075 Bitcoin in the first quarter of 2026 and a further 1,005 Bitcoin in June. At current prices near 63,000 to 64,000 dollars, the holdings carry significant unrealized losses relative to the company’s reported average acquisition cost near 96,000 dollars.

Financial Context and Balance Sheet

Metaplanet also released interim results for the first half of 2026. Net sales rose 133.7 percent year over year to 4.94 billion yen, while operating profit increased 136.3 percent to 3.33 billion yen. The company recorded a net loss of 182.77 billion yen, driven primarily by a non-cash Bitcoin valuation loss of 184.30 billion yen.

As of June 30, total assets stood at 418.18 billion yen and net assets at 340.88 billion yen. Metaplanet had drawn 414 million dollars from a 500 million dollar Bitcoin-collateralized credit facility. Unlike the new BitBonds, that facility involves pledged Bitcoin that gives the lender priority rights.

Shares closed at 223 yen on August 13, up 0.9 percent on the day, though the BitBonds disclosure came after the Tokyo market closed. The stock has declined more than 43 percent over the year.

Program Background and Outlook

The BitBonds launch follows Metaplanet’s acquisition of Siiibo Securities, later renamed Metaplanet Securities, which provided a regulated platform that had previously supported more than 100 bond issuances by over 40 issuers. Earlier ordinary bond sales, including a 20th series in April that raised about 50 million dollars, had been used in part to support Bitcoin purchases.

Company filings note that Bitcoin price movements could affect its financial condition and ability to meet principal and interest obligations on the bonds. The securities carry transfer restrictions, and liquidity before maturity is not guaranteed. Future offerings may be modified, postponed or cancelled depending on decisions and market conditions.

Metaplanet Securities is expected to continue handling solicitation, allocations and administration under its investor eligibility standards as the program develops.