In summary
- Japan’s Metaplanet has partnered with SBI VC Trade, the Cryptocurrency division of financial services giant SBI Group, to support its ongoing efforts to strengthen its corporate Bitcoin holdings.
- The partnership grants Metaplanet access to SBI’s custodial services, designed to prioritize tax efficiency and offer the ability to use Bitcoin as collateral for financing.
- Metaplanet, a publicly traded Bitcoin advisory firm, has acquired 360 Bitcoin ($207 million) to date and is using its primary reserve asset as collateral to strengthen its ability to secure equity and debt financing.
Japan’s Metaplanet has partnered with SBI VC Trade, the cryptocurrency division of financial services giant SBI Group, to support its ongoing efforts to strengthen its corporate Bitcoin holdings.
The partnership grants Metaplanet access to SBI’s custodial services, which are designed to prioritize tax efficiency and offer the possibility of using Bitcoin as collateral for financing. It is also part of Metaplanet’s strategy to engage with industry players in Japan and expand its financing options, the companies announced in a statement on Sunday.
Metaplanet, a publicly traded Bitcoin consulting firm, said that as its corporate treasury grows, it will continue to explore financial tools that provide greater “financial flexibility.”
Traded on the Tokyo Stock Exchange, Metaplanet has undergone a strategic shift this year to focus on Bitcoin, designating the cryptocurrency as its primary treasury reserve asset.
Metaplanet, which has acquired 360 Bitcoin ($207 million) to date, uses its primary reserve asset as collateral to strengthen its ability to secure equity and debt financing.
It is also part of the company’s broader vision to leverage the world’s largest cryptocurrency and its defining characteristics, including scarcity and its decentralized nature.
In their statement, the companies said any significant financial impact or material developments resulting from their partnership would be disclosed in due course.
Metaplanet’s investment in Bitcoin has resulted in explosive growth for the company this year. At the time of writing, its shares are trading around $8.35, representing a 662% increase in 2024. Its performance over the past five days has been much worse, down roughly 33.5%, as Bitcoin struggles to break through its March all-time high above $73,000.
Meanwhile, SBI VC Trade is a registered cryptocurrency exchange and Type 1 financial instruments business operator that provides trading, management and associated corporate solutions including custodial services.
Some see cryptocurrencies as an alternative path for Japan’s ailing economy, whose yen has struggled against other major currencies this year amid a backdrop of an aging population.
In February, the Japanese government took steps to allow investment firms to hold cryptocurrencies directly, opening the door for Metaplanet to begin accumulating Bitcoin.
Edited by Sebastian Sinclair
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