Metaplanet has acquired Japanese brokerage Siiibo Securities for 2.1 billion yen ($13 million) to transition from a passive Bitcoin holder into an active financial platform. The deal secures a Type I brokerage license, allowing the firm to bypass regulatory hurdles and directly distribute Bitcoin-backed securities. Metaplanet plans to launch preferred share products, MARS and Mercury, targeting yield-starved Japanese savers. This pivot comes as Metaplanet's stock trades at a discount to its Bitcoin holdings, with its mNAV ratio falling below 1.0.
Siiibo Securities acquisition
- ▪Metaplanet plans to rebrand Siiibo Securities as Metaplanet Securities by the end of August 2026
- ▪Metaplanet acquired Siiibo Securities for approximately 2.1 billion yen, or $13 million, to transition from a passive Bitcoin treasury into an active financial platform
Type I brokerage license
- ▪The Type I brokerage license allows Metaplanet to bypass traditional listing hurdles that previously stalled its plans to issue Bitcoin-linked securities
- ▪The acquisition of Siiibo Securities provides Metaplanet with a Type I Financial Instruments Business Operator license to structure and distribute securities directly to Japanese investors
Bitcoin-backed preferred shares
- ▪The Mercury preferred share product is expected to deliver an annual dividend yield of 4.9 percent
- ▪Metaplanet plans to launch two preferred share products, MARS and Mercury, which will pay monthly dividends without diluting existing common shareholders
mNAV valuation discount
- ▪Metaplanet's stock closed at 1.19 euros on July 24, 2026, representing a 46.55 percent decline year-to-date and trading below its 200-day moving average of 2.05 euros
- ▪Metaplanet's market capitalization relative to its Bitcoin holdings, known as the mNAV ratio, fell to 0.72 on a basic basis and 0.91 on an enterprise-value basis
Share buyback strategy
- ▪Metaplanet signaled it would seriously consider share buybacks to maximize Bitcoin yield when its mNAV ratio falls below 1.0
- ▪Metaplanet has access to a $500 million Bitcoin-collateralized credit facility to finance share buybacks and further Bitcoin accumulation
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