Metaplanet has agreed to acquire Siiibo Securities for $13.3 million in a move to build Bitcoin-linked yield products for Japanese retail investors. The deal, expected to close in July, provides Metaplanet with a licensed Type I securities platform. CEO Simon Gerovich stated this marks the company’s first major acquisition and a key step for its Project Nova initiative aimed at connecting Bitcoin with traditional finance.
Japanese company Metaplanet will acquire Siiibo Securities in a deal valued at $13.3 million. The purchase grants Metaplanet a regulated Type I securities platform to advance its Bitcoin-focused financial strategy.
CEO Simon Gerovich announced the agreement in a social media post. “We are pleased to announce that Metaplanet has entered into an agreement to acquire 100% of Siiibo Securities,” he stated.
The acquisition is part of Metaplanet‘s broader Project Nova initiative. The company plans to leverage Siiibo‘s platform to create Bitcoin-related yield products in Japan.
Metaplanet intends to use its own holdings of 40,177 BTC to develop these products. The move targets a market where Japanese households hold over $7.1 trillion in cash and deposits.
Gerovich linked the strategy to Japan’s economic shift. He suggested capital is now searching for yield in an inflationary environment.
Siiibo Securities began operations in 2019 as a standalone Type I financial instruments business. Its platform facilitates private placements of corporate bonds for retail investors.
The firm has arranged more than 100 bond issuances for over 40 companies. This experience in online corporate bond markets is central to the acquisition’s rationale.
Both companies reported recent financial losses. Siiibo recorded a net loss of $1.1 million in its prior fiscal year.
Metaplanet itself reported a substantial net loss for the first quarter. This loss was primarily attributed to mark-to-market valuation changes in its Bitcoin holdings.
The acquisition follows Metaplanet‘s establishment of one of Japan’s largest corporate Bitcoin portfolios. Obtaining a licensed securities platform represents a significant operational step for Project Nova.
Metaplanet‘s stock price gained 3.57% on the day of the announcement. However, it had declined by over 31% in the preceding month.
