Metaplanet Turns Bitcoin Hoard into Loan Collateral with New FSA-Approved Securities Arm

Metaplanet secures Japanese FSA license for securities subsidiary, plans to use its 43,000 Bitcoin reserve for digital loans and bonds under Project Nova.

Metaplanet has completed its transformation from a passive Bitcoin accumulator into an active financial intermediary, securing a Japanese Financial Services Agency (FSA) licence for its newly formed subsidiary, Metaplanet Securities. The move follows the ¥2.1bn acquisition of Siiibo Securities and marks a deliberate shift away from simply hoarding the world’s largest cryptocurrency toward deploying its 43,000?Bitcoin reserve as collateral for digital loans and bonds.

Under the banner of “Project Nova,” the Tokyo?based firm is building a suite of Web3?native credit products in partnership with JPYC and Progmat, with an emphasis on T+0 settlement — a speed that would allow transactions to clear on the same day. The initial phase will focus on Bitcoin?backed yield instruments, followed by the integration of security tokens and stablecoins. Only after those pillars are established does management plan a broader market expansion. The stated target is to reach 210,000 Bitcoin in treasury holdings by the end of 2027, a goal the new securities unit is designed to fund.

Shareholders are already being offered a taste of the new strategy through a bonus programme that pays rewards directly in cryptocurrency. The company aims to target medium?sized Japanese enterprises with its digital credit offerings, capitalising on a growing domestic trend of institutions offering Bitcoin?based mortgages and stablecoin yield products.

The market’s response has been mixed. After the announcement, Metaplanet’s stock jumped 8.6% to €1.35, though that still leaves the shares roughly 42% below their 200?day moving average and ground 86% off the 52?week high of €9.02. Year?to?date, the equity has shed about 40% of its value, while annualised volatility sits at an extreme 77%. Bitcoin itself is trading near $62,480.

Analysts caution that the leveraged nature of the pivot — borrowing against a volatile crypto asset to build a credit business — leaves the stock tightly bound to Bitcoin’s price swings. Investors are now watching for the first concrete bond or loan issuance under the new FSA licence to gauge whether the strategy can deliver the promised revenue diversification.