Metaplanet acquires Siiibo Securities in first major M&A transaction

Metaplanet has agreed to acquire Japanese securities firm Siiibo Securities for JPY 2.1 billion, adding a licensed brokerage platform that it plans to use for Bitcoin-linked investment products and yield-focused offerings.

According to a June 12 announcement from Metaplanet, the Tokyo-listed company has signed a share transfer agreement to purchase all outstanding shares of Siiibo Securities and convert the firm into a wholly owned subsidiary. The transaction is expected to close on July 13, after which Siiibo Securities will be renamed Metaplanet Securities.

The deal gives Metaplanet direct control of a Type I Financial Instruments Business Operator, a license category that allows the structuring and distribution of securities products in Japan. Company documents describe the acquisition as the first major merger and acquisition transaction under Project Nova, Metaplanet’s long-term plan to build a Bitcoin-focused financial services ecosystem.

As part of that strategy, Metaplanet said it intends to develop and distribute Bitcoin-related financial products to Japanese investors by combining Siiibo’s securities infrastructure with the company’s Bitcoin treasury business.

Company records show Metaplanet held 40,177 BTC as of May 31, 2026, making it Japan’s largest corporate Bitcoin holder and the third-largest corporate holder globally. The company valued those holdings at a net asset value of JPY 457.6 billion.

Metaplanet expands beyond Bitcoin accumulation

While Metaplanet has become widely known for building one of the world’s largest corporate Bitcoin treasuries, the acquisition signals an effort to generate financial products tied to those holdings rather than focusing solely on balance-sheet accumulation.

Under the transaction, Metaplanet will gain access to Siiibo’s online corporate bond platform and existing investor network. Siiibo has supported more than 40 companies and over 100 bond issuances, primarily through private placement corporate bonds and venture debt financing.

Company materials state that the securities firm possesses both the regulatory licenses required to distribute financial products and an established base of retail and corporate investors. Metaplanet said those capabilities will allow it to introduce new income-oriented products, including BTC-linked bonds and other Bitcoin-related investment instruments.

“The acquisition of Siiibo Securities is Metaplanet’s first major M&A transaction and a significant step toward realizing Project Nova,” said Simon Gerovich, Representative Executive Officer, President and CEO of Metaplanet.

“We view Bitcoin not merely as a treasury reserve asset, but as the foundation of the next generation of financial ecosystems,” he added.

Management said future initiatives could include Bitcoin-linked debt products, digital securities offerings, security tokens and financial products built around Bitcoin-related assets.

Funding for the Siiibo acquisition is expected to come primarily from cash reserves and borrowings. Metaplanet said it may supplement financing with its Bitcoin-backed credit facilities, which have aggregate borrowing capacity of up to $500 million.

Following completion of the transaction, Metaplanet plans to appoint two company directors to the securities firm’s board. The company said it does not expect the acquisition to have a material impact on consolidated financial results for the fiscal year ending Dec. 31, 2026.

Acquisition follows focus on shareholder returns

The transaction comes days after Metaplanet reiterated that Bitcoin Yield remains its primary performance metric and said share buybacks remain a potential capital allocation tool when its mNAV ratio trades below 1.0x.

In comments published on June 9, Gerovich noted that management would strongly consider repurchasing common shares if the company’s market valuation falls below the value of its underlying Bitcoin holdings. At the time, Metaplanet reported an mNAV ratio of 0.92x based on its 40,177 BTC treasury.

Rather than relying on a single financing approach, the company has previously highlighted multiple capital allocation tools, including buybacks, preferred shares, and additional fundraising to support its Bitcoin strategy.

Recent disclosures also showed Metaplanet is pursuing what it described as Japan’s first listed perpetual preferred share product while building systems capable of supporting recurring dividend distributions.