Metaplanet will buy Siiibo Securities, a licensed Japanese brokerage, for 2.1 billion yen, or about $13 million. The Tokyo-listed firm plans to rename it Metaplanet Securities and use it to sell Bitcoin-linked yield products.
The agreement, announced Friday, is the first acquisition under Project Nova, the company’s plan to build a Bitcoin-based financial business in Japan. Closing is expected on July 13.
What the Siiibo Securities Deal Gives Metaplanet
Siiibo holds a Type I Financial Instruments Business registration, the license Japanese firms need to structure and distribute securities.
Metaplanet’s filing says the price largely reflects what a fresh registration would cost in time, capital, and compliance staffing.
The numbers support that reading. Founded in 2019, the brokerage has handled over 100 private bond issues for more than 40 companies without turning a profit.
It lost between 159 million and 175 million yen ($992,000 to $1.09 million) in each of its last three fiscal years.
The price is also small for the buyer. At $13 million, the deal equals roughly 0.5% of Metaplanet’s Bitcoin position.
The third-largest corporate bitcoin holder held 40,177 Bitcoin worth $2.6 billion as of this writing.
CEO Simon Gerovich, a former Goldman Sachs derivatives trader, has repositioned the company once before.
Metaplanet was a budget hotel operator until April 2024, when it began accumulating Bitcoin. He described this purchase as a distribution play.
“By bringing Siiibo’s Type I registration and online securities platform into the group, we will develop and distribute Bitcoin-related yield products directly to Japanese investors.” Gerovich shared in a post, which Strategy chair Michael Saylor reposted.
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Notably, Saylor recently said reposting does not necessary mean an endorsement, calling it a “notification shared for reach.
A $7.4 Trillion Pool of Idle Yen
Japanese households keep roughly 1,190 trillion yen, about $7.4 trillion, in cash, deposits, and other low-yield instruments.
The figure is Metaplanet’s own estimate, built on Bank of Japan flow-of-funds data. The company expects inflation to push that money out of deposits.
Planned products include BTC-linked bonds, treasury-backed preferred shares, and security tokens, all subject to regulatory clearance.
Metaplanet will fund the purchase with cash and borrowings, and can tap Bitcoin-backed credit lines of up to $500 million. Its treasury already works as collateral.
Timing adds friction, however. BTC trades near $63,476, down roughly 21% over the past month and 41% in a year.
Metaplanet itself reported a steep quarterly loss from marking down its holdings, alongside record Bitcoin option income.
Recurring fee income would also support the firm’s 210,000 BTC accumulation target. Distribution starts with its register of roughly 250,000 shareholders.
Once conversion completes in late August, Japan’s cautious savers will decide whether a Bitcoin balance sheet reads as a selling point or a warning.