ME News reports that on July 27 (UTC+8), Benchmark investment bank analyst Mark Palmer, following a meeting with Metaplanet’s Bitcoin Strategy Director Dylan LeClair, wrote that the market had previously interpreted Metaplanet’s acquisition of Siiibo Securities for approximately 2.1 billion JPY (about $13 million) as a routine strategic enhancement. However, Palmer stated that this interpretation “seriously underestimates” the company’s ambitions. He noted that the acquisition grants Metaplanet a Type 1 Financial Instruments Business license in Japan, enabling it to structure and distribute securities products—a license that typically takes several quarters to obtain from scratch. According to LeClair, the brokerage will no longer serve merely as a financing channel for Metaplanet’s own Bitcoin purchases, but will become the infrastructure for a new fixed-income market called “Bitbonds”—tokenized bonds collateralized by Bitcoin. The long-term goal is to transform Metaplanet Securities into a platform where companies adopting Bitcoin treasury strategies can raise capital by issuing bonds to purchase Bitcoin. The company envisions issuing Bitcoin-backed bonds with yields of approximately 4% to 6%, with plans to gradually move operations on-chain and settle in stablecoins, while building a secondary market over the coming years. This initiative is viewed as an extension of Metaplanet’s “Project Nova” roadmap, aimed at expanding the company beyond a simple corporate Bitcoin treasury by acquiring cash-generating businesses and building native Bitcoin financial infrastructure. Benchmark maintains its “Buy” rating on Metaplanet stock with a target price of 405 JPY (approximately $2.47). According to data from The Block, the company currently holds 43,000 Bitcoin, valued at nearly $2.8 billion, making it the third-largest publicly listed Bitcoin treasury globally. (Source: Foresight News)
Benchmark analyst says market underestimates Metaplanet's Siiibo acquisition
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Summary
Benchmark analyst Mark Palmer said the market has overlooked Metaplanet’s $13 million acquisition of Siiibo Securities. The deal grants Metaplanet a Japanese financial license and supports its plan to launch Bitcoin-backed bonds. Dylan LeClair said the broker-dealer will enable firms to issue bonds to fund Bitcoin purchases, offering 4–6% yields. The move is part of Metaplanet’s “Project Nova” to expand beyond being a Bitcoin treasury firm. Bitcoin market news reflects growing interest in financial products linked to crypto assets.
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