Metaplanet launches BitBonds program as Gerovich denies Bitcoin sale

Metaplanet (TYO: 3350) has issued the first bonds under its new BitBonds program, moving on barely one day after rumors broke that the firm might be the latest BTC treasury gearing up for a sale from its reserve. 

In the continuation of what has been a busy day of disclosures for CEO Simon Gerovich’s firm, Metaplanet also reported a heavy interim loss in its report for the first half of 2026, ending on June 30.  

Common dividend stayed at zero throughout the period covered in the report.

Metaplanet is selling bonds 

The standout numbers from the bond being sold as a small private placement rather than a public offering by Metaplanet Securities were:

• It will be the 21st through the 24th series of unsecured ordinary bonds
• The four series carry coupons between 4.0% and 4.3%
• They will mature in roughly three years
• The bond sale raised about 200 million yen ($1.25 million) in total 

Metaplanet raised $50 million during its last ordinary bond sale (the 20th series) in April 2026, led by major backer, EVO Fund, as Cryptopolitan reported at the time. This round, the firm’s first BitBonds tranche will be open to a wider pool that includes both retail buyers and corporate investors.

Metaplanet can continue to issue fresh rounds of BitBonds on different terms, potentially tapping into the demand for yen-denominated yield products as the Japanese government and central bankers shift toward sustained positive interest rates and household investing. 

Cryptopolitan reported on Metaplanet’s earlier plan in June to steer some of Japan’s 7.1 trillion dollars in idle household cash toward Bitcoin-linked products.

Metaplanet did not sell Bitcoins 

The $1.25 million BitBonds issuance came one day after CEO Gerovich had to put out a fire that started after onchain trackers flagged 3,881 BTC, worth roughly $247 million, moving from known Metaplanet wallets as signs that the company may be priming for a sale. 

Gerovich clarified that the firm actually moved 5,014 BTC, but not because they were going on the market. 

“This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC,” Gerovich wrote on X. The CEO added the subtle flex that the entire transfer, worth around $322 million, cost around $8 in network fees. 

Metaplanet made a similar storage housekeeping rearrangement of about 4,986 BTC in March. That too did not end up as a sale. 

The hysteria around Metaplanet’s Bitcoin movement was fueled by other big-name corporate Bitcoin holders, such as Strategy and MARA Holdings, offloading tokens after never selling until this year.

Third-largest holder, sitting on paper losses

Metaplanet remains the world’s third-largest listed corporate Bitcoin holder, according to Bitcoin Treasuries. Its 43,000 BTC trails Strategy’s 840,447 coins and sits just 514 behind Twenty One Capital’s 43,514. 

The position is deep underwater on paper: Bitcoin traded near $63,800 on August 13, well below Metaplanet’s average buy price of about $96,191, leaving roughly $1.4 billion in unrealized losses. Because no coins were sold, those losses stay on paper.

The equity has fared worse than the treasury. Metaplanet shares changed hands around 223 yen on August 13, up about 0.9% on the day but down more than 43% for the year, and the stock’s public statement drew no visible selloff.