Key Takeaways:
Metaplanet, the Tokyo-based Bitcoin treasury company, agreed to acquire Siiibo Securities for ¥2.1 billion ($13.1 million), gaining a regulated securities platform to develop and distribute Bitcoin-linked investment products in Japan.
"The acquisition gives Metaplanet a regulated Type I Financial Instruments Business Operator license and a private placement bond platform that has supported over 100 issues for more than 40 companies," the company said in a June 12 statement. The deal closes July 13, with full subsidiary conversion expected by late August and a planned rename to Metaplanet Securities.
Metaplanet held 40,177 Bitcoin as of June 15, with a net asset value of ¥457.6 billion, making it the third-largest corporate Bitcoin holder globally and the largest in Japan. The company said it may draw on Bitcoin-backed credit facilities offering up to $500 million in borrowing capacity to fund the acquisition and future expansion. Its equity issuance flywheel has paused after the market value relative to net asset value fell below 1.0, though the company continues generating income through Bitcoin options writing.
The Siiibo deal positions Metaplanet to tap Japan's pool of household financial assets, which totaled ¥2,351 trillion at the end of 2025, with 48.5% held in cash and bank deposits earning near-zero interest, according to Bank of Japan data. NISA tax-advantaged investment accounts more than doubled over two years to ¥71 trillion by the end of 2025, signaling a broader shift among Japanese savers seeking yield.
Metaplanet's supplemental materials state the group plans to offer income-oriented products including Bitcoin-linked bonds once Siiibo becomes a subsidiary, though the company noted these remain plans rather than launched products. The move mirrors a broader push by financial institutions to engineer yield from Bitcoin — BlackRock's iShares Bitcoin Premium Income ETF (BITA) began trading on Nasdaq on June 16, using a covered-call strategy on its $48.6 billion IBIT fund to target 15% to 25% annual yield.
The acquisition signals growing convergence between traditional regulated finance and crypto infrastructure. If Metaplanet issues its first Bitcoin-linked bond and demand proves strong, it could create a template for other Bitcoin treasury companies to replicate in markets with large pools of low-yielding deposits. The key question is whether the market prices such bonds as ordinary corporate credit or assigns a premium for the Bitcoin connection — a distinction that will determine whether this channel can attract capital beyond Bitcoin's existing holder base.
This article is for informational purposes only and does not constitute investment advice.
