Metaplanet (TYO: 3350), Japan's most prominent publicly traded corporate Bitcoin treasury adopter, has issued the first bonds under its newly launched BitBonds program, proceeding just one day after speculation surfaced that the company was preparing to sell part of its Bitcoin reserve.

The announcement capped an eventful day of disclosures for the firm led by CEO Simon Gerovich. Metaplanet also disclosed a substantial interim loss in its first-half 2026 financial report, covering the period through June 30. The company maintained a common dividend of zero throughout the reporting period.

BitBonds Private Placement

Metaplanet Securities conducted the bond sale as a small private placement rather than a public offering. Key details include:

• The issuance covers the 21st through 24th series of unsecured ordinary bonds.
• The four series carry coupon rates between 4.0% and 4.3%.
• They will mature in approximately three years.
• The total amount raised was about 200 million yen ($1.25 million).

Metaplanet's previous ordinary bond sale, the 20th series in April 2026, raised $50 million and was led by major backer EVO Fund. By comparison, this first BitBonds tranche is a fraction of that size, suggesting an incremental rollout of the new product line. The company has indicated it will be accessible to a broader investor base, including both retail buyers and corporate investors.

The company retains the ability to issue additional BitBonds rounds on varying terms, potentially capitalizing on demand for yen-denominated yield products as Japan's government and central bank shift toward sustained positive interest rates and greater household investment participation. As previously reported, Metaplanet outlined plans in June to channel some of Japan's approximately $7.1 trillion in idle household cash toward Bitcoin-linked products.

CEO Rejects Sale Speculation

The BitBonds issuance came one day after CEO Gerovich was forced to respond to speculation triggered when onchain trackers detected 3,881 BTC, valued at roughly $247 million, moving from known Metaplanet wallets. The episode underscored the scrutiny that publicly visible Bitcoin treasury companies face, as any large onchain movement from known corporate wallets is immediately interpreted through the lens of potential market impact.

Gerovich clarified that the firm had actually moved 5,014 BTC, but not for the purpose of selling.

"This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC."

— CEO Simon Gerovich, writing on X

Gerovich also noted that the entire transfer, valued at approximately $322 million, incurred only about $8 in network fees. Metaplanet conducted a similar custody rearrangement of roughly 4,986 BTC in March, which likewise did not result in any sale.

Concern around Metaplanet's Bitcoin movement was amplified by the fact that other major corporate Bitcoin holders, including Strategy and MARA Holdings, have sold tokens this year after previously maintaining a no-sale stance.

Third-Largest Corporate Holder Faces Paper Losses

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

The position carries significant unrealized losses: Bitcoin traded near $63,800 on August 13, well below Metaplanet's average acquisition price of approximately $96,191, resulting in roughly $1.4 billion in unrealized losses. Since no coins have been sold, these losses remain on paper. Corporate Bitcoin treasury strategies that worked during sustained bull markets have come under pressure across the sector as prices retreat, and Metaplanet's situation illustrates the cost of accumulating aggressively at higher price levels.

The company's equity performance has fared worse than its treasury holdings. Metaplanet shares traded around 223 yen on August 13, up approximately 0.9% on the day but down more than 43% year-to-date. The company's public statement addressing the transfer rumors appeared to prevent any visible selloff in the stock.