Metaplanet is studying how to use BTC▲$62,630.00, a yen stablecoin and security tokens to create Bitcoin-backed bonds for Japanese investors.
The Tokyo-based Bitcoin treasury firm aims to link its BTC reserves to regulated bond-like instruments in Japan through Project NOVA, which will help it create a Bitcoin-powered financial services venture in the country.
In a regulatory filing, Metaplanet said it will begin a joint study with Metaplanet Securities, its securities arm formerly known as Siiibo Securities, JPYC, a Japanese yen stablecoin issuer, and Progmat, a Japanese tokenization infra company.
The firms will conduct a study of how Bitcoin products might operate, manage investors, and utilize stablecoins like JPYC for pay-outs and redemption purposes, according to the filing.
Amid the news, Metaplanet shares rose 4.2% on the Tokyo Stock Exchange, per Google Finance data.
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More Than a Balance Sheet Bet
The specifics of the research haven’t been disclosed, though the step fits into Metaplanet’s strategy of utilizing its BTC to construct a financial company. According to the statement, there’s been no decision about the timing or the overall form of the partnership taken yet.
Metaplanet said Japan’s corporate bond market is still dominated by large companies, while smaller businesses often face high costs and heavy paperwork when trying to raise money.
That is why the company sees bond-style products as a natural area for digitization, since payment terms, investor rights and repayment rules are usually set from the start.
The initiative comes just a week after Metaplanet disclosed that it bought 2,823 BTC throughout the second quarter at an average price near $80,000, a steep discount to Bitcoin’s current price range, bringing its total holdings to 43,000 BTC.
