Metaplanet’s Siiibo Deal Lays Groundwork for ‘Bitbonds’

Metaplanet's ¥2.1 billion purchase of Siiibo Securities gives the company a licensed brokerage that Benchmark says can serve as a platform for bitcoin-backed bonds and a tokenized fixed-income market in Japan.

Benchmark analyst Mark Palmer wrote that the acquisition supplies a Type-1 Financial Instrument Business Operator license, a regulatory approval that allows the holder to create and distribute securities in Japan. The firm noted that obtaining such a license from scratch can take several months, so the purchase provides immediate regulatory capability.

Under the plan described to Benchmark, Metaplanet would use the brokerage to originate debt tied to bitcoin holdings. Companies seeking a bitcoin treasury strategy could issue bonds through Metaplanet Securities to fund BTC purchases. Metaplanet calls the proposed instruments “Bitbonds” and projects initial yields in the 4%–6% range.

The company plans to move the bonds onchain over time, use stablecoin settlement and build a secondary market for tokenized fixed-income products over the next few years. Benchmark said the rollout would be phased, beginning with regulated issuance through the brokerage and later adding onchain settlement and trading infrastructure.

The acquisition is part of Metaplanet’s Project Nova roadmap, an effort to expand beyond passive bitcoin holdings by buying cash-generating businesses and building financial infrastructure with bitcoin at the center. Palmer wrote that market pricing that treats Metaplanet mainly as a passive bitcoin proxy may not reflect the company's stated aims.

Dylan LeClair described the initiative as building “a new kind of financial institution from Japan, with bitcoin at its core.” The report keeps a Buy rating on Metaplanet shares and sets a ¥405 price target.

Metaplanet currently holds about 43,000 BTC, a position Benchmark values at roughly $2.8 billion. The acquisition cost the company ¥2.1 billion (about $13 million).

Benchmark's report also flagged hurdles. Creating a liquid secondary market for tokenized bonds will require market participants, custody solutions, clear rules on settlement finality and regulatory acceptance of onchain transfers and stablecoin settlement. While the Siiibo purchase secures an in-house securities issuance capability, additional approvals and market infrastructure will be necessary before tokenized bond trading can scale.