Metaplanet

Bank

Bitcoin

April

<p>Metaplanet, Japan's largest corporate Bitcoin holder, agreed on June 12 to acquire Siiibo Securities for 2.1 billion yen ($13.1 million). The Tokyo-listed firm will rename Siiibo as Metaplanet Securities after closing, expected in July. The deal gives Metaplanet a regulated securities arm to distribute Bitcoin-linked products directly to Japanese retail and institutional investors.</p>
<p>CEO Simon Gerovich called the acquisition the first step in "Project Nova," Metaplanet's strategy to build a Bitcoin-centric financial ecosystem in Japan. The firm plans to develop BTC-linked bonds and income products, backed by its 40,177 BTC balance sheet. Siiibo's existing securities license, corporate bond platform, and investor base are the main assets Metaplanet is buying.</p>
<h4 id="from-hotel-company-to-bitcoin-treasury">From Hotel Company to Bitcoin Treasury</h4>
<p>Metaplanet started as a pan-Asian budget hotel platform with properties in Thailand, the Philippines, Indonesia, and Japan. COVID crushed the hospitality business. CEO Simon Gerovich, a former Goldman Sachs derivatives trader, came across Michael Saylor's Bitcoin thesis during the crisis and began exploring Bitcoin as a corporate treasury asset.</p>
<p>Until April 2024, the company was known for its operations in the Japanese hotel sector, with a market capitalization of just $14 million. Metaplanet pivoted fully to Bitcoin that month. It began raising capital through equity issuances, zero-interest bonds, and Bitcoin options trading.</p>
<p>The accumulation was fast. Metaplanet acquired 5,075 BTC in Q1 2026 for approximately $405 million, bringing total holdings to 40,177 BTC at an average cost basis of $104,106 per coin. The firm now trails only Strategy, which holds more than 762,099 BTC, and Twenty One Capital, which holds 43,514 BTC.</p>
<h4 id="the-numbers-behind-the-strategy">The Numbers Behind the Strategy</h4>
<p>Metaplanet funds purchases through equity raises, debt management, and bitcoin income-generation operations, primarily options trading against its existing holdings. In Q1 2026, that income business generated revenue of approximately 2.97 billion yen.</p>
<p>The balance sheet has grown fast, but not without pain. Metaplanet reported a $619 million net loss for fiscal 2025, largely driven by unrealized markdowns on its bitcoin stack. The firm's average cost per BTC sits at $104,107, well above the current BTC price near $63,000.</p>
<p>Metaplanet has cycled in and out of the top slot for most-shorted stock on the Tokyo Stock Exchange over the past year, with short sellers questioning whether the EVO-anchored financing loop can sustain itself. The firm borrows heavily from EVO Fund, a Cayman Islands-based investor, through successive zero-interest bond issues.</p>
<h4 id="what-siiibo-brings">What Siiibo Brings</h4>
<p>Siiibo Securities holds a license as a financial instruments business operator under Japanese law. That license is the core acquisition target. Without it, Metaplanet cannot issue or distribute regulated securities products directly to investors in Japan.</p>
<p>The corporate bond platform Siiibo operates gives Metaplanet a distribution infrastructure. Gerovich said the firm will use the platform to offer BTC-linked bonds and other yield products. The 40,177 BTC on Metaplanet's balance sheet serves as the collateral base for those products.</p>
<p>The deal is small relative to Metaplanet's overall size. At $13.1 million, the acquisition cost is a fraction of what the company spends on a single BTC purchase. The value lies in the regulatory access, not the price tag.</p>
<h4 id="japans-regulatory-shift-provides-the-opening">Japan's Regulatory Shift Provides the Opening</h4>
<p>The acquisition arrives alongside a major policy change in Japan. Japan's lower house approved a bill that would classify cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act, bringing the sector closer to traditional securities markets.</p>
<p>The proposal aims to lower the tax rate on crypto investments to a flat 20% and establish a regulatory framework for crypto-linked exchange-traded funds. Current rates can reach 55% on crypto gains. Proposed tax changes are scheduled to take effect in 2028.</p>
<p>The shift could open the door to crypto-tracking ETFs in Japan, giving local investors a regulated route to digital asset exposure beyond crypto exchanges and listed companies with token holdings. The bill still needs to pass the Upper House before taking effect.</p>
<h4 id="metaplanet-is-not-alone-in-japan">Metaplanet Is Not Alone in Japan</h4>
<p>Other Japanese institutions are moving in the same direction. MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank announced plans to begin live transactions using a jointly issued stablecoin during fiscal 2026.</p>
<p>SBI Shinsei Bank is reportedly preparing a deposit-linked crypto rewards service that would allow customers to receive vouchers redeemable for Bitcoin, Ether, or XRP through SBI VC Trade. The broader SBI group has been expanding across crypto exchange services, stablecoin lending, and planned ETF products.</p>
<p>Metaplanet's move into securities distribution is a different angle. Rather than waiting for ETFs, it is building a direct channel to Japanese investors using its own BTC holdings as the product base.</p>
<h4 id="what-this-means">What This Means</h4>
<p>Metaplanet is trying to generate income from its Bitcoin holdings rather than just hold them. A licensed securities arm lets the firm issue regulated BTC-linked debt products and collect fees from investors seeking yield. That adds a revenue layer on top of the options income already running.</p>
<p>The risk is concentration. The entire strategy depends on Bitcoin's price holding or recovering. At a cost basis of $104,107 per BTC and a current price near $63,000, the unrealized losses are real. Adding leverage through securities issuance deepens exposure, not just for the company, but for the Japanese retail investors who buy those products.</p>

Metaplanet Acquires a Securities Firm to Sell Bitcoin Products to Japanese Investors

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