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Benchmark says Metaplanet's brokerage deal badly undersells its bitcoin bond ambitions

7/27/2026

The push to move fixed-income instruments onto public blockchains has accelerated alongside institutional adoption of bitcoin as a treasury asset.

Benchmark said a recent brokerage arrangement involving Metaplanet "badly undersells" the Japanese company's plans for bitcoin-backed bonds it calls Bitbonds.

The Bitbond structure Metaplanet envisions issuing bonds backed by $BTC at coupons in the 4% to 6% range.

The on-chain component is what distinguishes the longer-term vision: the company intends to eventually settle Bitbond instruments via stablecoin on a public blockchain, bypassing traditional clearing infrastructure.