Metaplanet to form securities arm through Siiibo acquisition

Metaplanet announced on Friday that it has agreed to acquire Siiibo Securities in a 2.1 billion yen ($13.1 million) deal to form a securities arm.

The Tokyo-listed Bitcoin (BTC) treasury company said it entered into a share transfer agreement to acquire 100% of the Japanese securities company, a licensed financial instruments business operator. After closing, expected in July, Siiibo Securities will become a wholly owned subsidiary and be renamed Metaplanet Securities.

Metaplanet CEO Simon Gerovich said the acquisition is the first step in Project Nova, the company's strategy to build a Bitcoin-centric financial ecosystem in Japan.

“We will develop and distribute Bitcoin-related yield products directly to Japanese investors, supported by the 40,177 BTC on our balance sheet,” he wrote. 

The company said Siiibo's licensing, corporate bond platform and customer base would allow Metaplanet to develop income-oriented products like BTC-linked bonds, while giving it direct access to investors seeking yield in Japan. 

Metaplanet's Bitcoin stash has a net asset value of 457.6 billion yen (about $2.8 billion), making it the largest publicly listed BTC holder in Japan and the third-largest in the world, according to data tracker Bitcoin Treasuries.

Metaplanet’s Bitcoin treasury holdings. Source: Bitcoin Treasuries

Japanese firms prepare for crypto’s move into finance 

Metaplanet’s securities push adds it to a growing list of Japanese financial and crypto firms positioning themselves ahead of a regulatory shift that could bring digital assets closer to the country’s traditional financial markets.

Japan’s Lower House reportedly passed a bill on Thursday that would bring crypto assets under the country’s financial instruments framework, potentially opening a path to crypto exchange-traded funds and more favorable tax treatment for digital assets.

Related: Japan approves bill to classify crypto as financial instruments

Japan’s market infrastructure firms are also testing how digital assets could fit into existing capital markets. In April, the Japan Securities Clearing Corporation, part of Japan Exchange Group, said it would launch a proof of concept with Mizuho, Nomura and Digital Asset to test the use of Japanese government bonds as digital collateral on the Canton Network.

SBI Shinsei Bank is reportedly preparing a deposit-linked crypto rewards service that would allow customers to receive vouchers redeemable for Bitcoin, Ether or XRP through SBI VC Trade. SBI’s broader group has also been expanding across crypto exchange services, stablecoin lending and planned securities products, including investment trusts and ETFs tied to crypto assets.

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forming a securities arm as the Bitcoin (BTC) treasury company expands into financial products tied to its crypto holdings