Metaplanet's ¥2.1 billion (~$13 million) acquisition of Siiibo Securities is being significantly undervalued by investors, according to Benchmark analyst Mark Palmer, who argues the deal lays the groundwork for bitcoin-backed 'Bitbonds' and a new tokenized fixed-income market in Japan. Palmer stated that discussions with Dylan LeClair revealed the market's reading of the deal as a 'modest bolt-on' badly undersells Metaplanet's plans for the acquired brokerage. The acquisition provides Metaplanet with a Type-1 Financial Instrument Business Operator license, enabling the company to structure and distribute securities in Japan as part of its broader bitcoin treasury strategy and 'Project Nova' roadmap.
Metaplanet Acquires Siiibo Securities for ¥2.1 Billion
Metaplanet closed its ¥2.1 billion (~$13 million) acquisition of Siiibo Securities, a transaction that Benchmark analyst Mark Palmer said the market largely read as a modest bolt-on. Palmer wrote that discussions last week with Dylan LeClair made it clear this reading badly undersells the company's plans for the acquired firm.
The acquisition gives Metaplanet a Type-1 Financial Instrument Business Operator license, which allows it to structure and distribute securities in Japan. According to LeClair, these types of licenses normally take a couple of quarters or more to file for and obtain from scratch. Rather than acting as a funding channel for Metaplanet's own bitcoin (BTC) purchases, the brokerage will become the foundation for a new bitcoin-backed fixed-income market for tokenized bonds that the company is calling 'Bitbonds.'
Metaplanet Plans Bitcoin-Backed Bitbonds Yielding 4% to 6%
LeClair told Benchmark that Metaplanet's longer-term goal is for Metaplanet Securities to become a platform where a company looking to adopt a bitcoin treasury strategy could issue debt to fund its BTC purchases. The firms said it envisions launching these bitcoin-backed bonds yielding roughly 4% to 6% and eventually moving them onchain with stablecoin settlement, then building a secondary market over the next few years.
The report said that this is an extension of Metaplanet's 'Project Nova' roadmap, which looks to expand the company beyond a corporate bitcoin treasury by acquiring businesses with cash flows and building bitcoin-native financial infrastructure. Palmer wrote that the market is still pricing Metaplanet as a passive bitcoin proxy while the company is preparing to execute on a plan to bootstrap an entire capital market. LeClair summed up the effort as building 'a new kind of financial institution from Japan, with bitcoin at its core.'
Benchmark Maintains Buy Rating with ¥405 Price Target
Benchmark maintained its Buy rating and ¥405 (roughly $2.47) price target on Metaplanet's stock. The firm currently holds 43,000 BTC worth nearly $2.8 billion and is the third-largest publicly traded bitcoin treasury company, according to The Block's data.
FAQ
What did Metaplanet acquire and for how much?
Metaplanet closed its ¥2.1 billion (~$13 million) acquisition of Siiibo Securities, which provides the company with a Type-1 Financial Instrument Business Operator license to structure and distribute securities in Japan.
What are Metaplanet's plans for bitcoin-backed Bitbonds?
Metaplanet envisions launching bitcoin-backed bonds yielding roughly 4% to 6%, eventually moving them onchain with stablecoin settlement, and building a secondary market as part of its Project Nova roadmap to create bitcoin-native financial infrastructure.
How much bitcoin does Metaplanet currently hold?
Metaplanet currently holds 43,000 BTC worth nearly $2.8 billion, making it the third-largest publicly traded bitcoin treasury company according to The Block's data.
