Metaplanet stock price rose 3.57% to about $1.45, after the company agreed to buy Siiibo Securities for $13 million.
Metaplanet, a Tokyo-listed Bitcoin treasury company, is trying to turn its BTC▲$63,356.00 pile into a broader financial business for Japanese investors looking for yield.
The Tokyo-listed company said on June 12 that it signed an agreement to acquire all shares of Siiibo Securities, an online corporate bond platform for individual investors in Japan, for about $13.1 million in cash.
After closing, Siiibo Securities is expected to be renamed Metaplanet Securities, subject to required procedures and shareholder approval at Siiibo.
Following the news, Metaplanet stock price jumped 3.57% to 232 yen, or about $1.45, on the Tokyo Stock Exchange, according to Google Finance.
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Metaplanet Targets Bitcoin Yield Products
The deal is Metaplanet’s first full-scale M&A transaction under Project Nova, its plan to build a Bitcoin-centered financial platform and ecosystem in Japan.
Given that Siiibo holds a Type I Financial Instruments Business registration, Metaplanet would get a regulated route to develop Bitcoin-linked bonds for Japanese investors seeking yield, the company said.
Simon Gerovich, Metaplanet’s CEO, pointed out in a Friday X post that about $7.4 trillion remains in Japanese household cash deposits and low-yield products. He added:
“By incorporating Siiibo Securities’ Type I Financial Instruments Business registration and online securities platform into our group, we will establish the framework to provide Bitcoin-related yield products to investors across Japan, leveraging our position as Asia’s largest holder with 40,177 BTC.”
Siiibo Gives Metaplanet a License Shortcut
Since its establishment in 2019, Siiibo Securities has facilitated over 40 companies and more than 100 bond issues, mainly consisting of private corporate bonds and venture debt.
According to Metaplanet, the firm held over 40,170 BTC as of May-end, valued at approximately $2.86 billion, making it the third-largest corporate Bitcoin holder globally and the largest listed firm in Japan in terms of Bitcoin holdings.
The firm revealed that it may finance the acquisition with cash and borrowings, while at the same time considering utilizing a Bitcoin backed lending facility of $500 million.
Read more: Metaplanet Teases Bitcoin Buying Plan for Bear Markets
