Metaplanet expands into securities business via Siiibo purchase
Through the acquisition of Siiibo Securities, soon to be rebranded as Metaplanet Securities, the company is advancing Project Nova, its strategy focused on Bitcoin-driven financial services in Japan.
On Friday, Metaplanet revealed it has reached an agreement to purchase Siiibo Securities through a 2.1 billion yen ($13.1 million) transaction, establishing its own securities division.
The Bitcoin (BTC) treasury firm, which trades on the Tokyo exchange, disclosed that it has signed a share transfer agreement for a complete 100% acquisition of the Japanese securities firm, which operates as a licensed financial instruments business. Following the transaction's completion, anticipated to occur in July, Siiibo Securities will transition into a fully owned subsidiary operating under the new name Metaplanet Securities.
According to Metaplanet CEO Simon Gerovich, this acquisition represents the initial phase of Project Nova, which encompasses the firm's blueprint for establishing a Bitcoin-focused financial ecosystem throughout 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.
According to the company's statement, Siiibo's existing licensing infrastructure, corporate bond platform and established customer base will enable Metaplanet to create income-generating products such as BTC-linked bonds, while simultaneously providing direct market access to investors in Japan who are searching for yield opportunities.
With a Bitcoin treasury valued at a net asset value of 457.6 billion yen (approximately $2.8 billion), Metaplanet holds the distinction of being Japan's largest publicly traded BTC holder and ranks as the third-largest globally, based on information from data tracker Bitcoin Treasuries.
Japanese firms prepare for crypto's move into finance
With its securities division initiative, Metaplanet joins an expanding roster of Japanese financial institutions and cryptocurrency companies that are strategically positioning themselves in anticipation of regulatory changes that may integrate digital assets more closely with the nation's traditional financial infrastructure.
Reports indicate that Japan's Lower House approved legislation on Thursday that would incorporate crypto assets into the country's financial instruments framework, which could potentially create opportunities for crypto exchange-traded funds and deliver more advantageous tax treatment for digital assets.
Market infrastructure companies in Japan are also conducting tests to determine how digital assets might integrate with current capital markets. The Japan Securities Clearing Corporation, a component of Japan Exchange Group, announced in April that it would initiate a proof of concept in collaboration with Mizuho, Nomura and Digital Asset to evaluate the utilization of Japanese government bonds as digital collateral on the Canton Network.
According to reports, SBI Shinsei Bank is in the process of preparing a deposit-linked crypto rewards service that would enable customers to obtain vouchers that can be exchanged for Bitcoin, Ether or XRP through SBI VC Trade. The broader SBI group has been extending its presence across cryptocurrency exchange services, stablecoin lending operations and planned securities offerings, which include investment trusts and ETFs connected to crypto assets.