Metaplanet Buys Brokerage for $13M to Launch Bitcoin-Backed Preferred Shares

Metaplanet, a Tokyo-listed company that's been likened to MicroStrategy in Japan, has acquired Siiibo Securities for approximately $13 million. This deal will allow Metaplanet to rebrand as Metaplanet Securities in July 2026 and distribute Bitcoin-linked equity products directly to investors.

The acquisition is a strategic move by Metaplanet to bypass the Tokyo Stock Exchange's listing process, which has been delayed due to regulatory friction. The company had already designed its preferred share products, MARS and Mercury, but was unable to list them on the exchange due to issues with dividend payments.

Metaplanet's CEO Simon Gerovich described the acquisition as a pivotal step in 'Project Nova,' which aims to create comprehensive Bitcoin-centric financial infrastructure in Japan. The preferred shares will offer monthly dividends that adjust based on market conditions, positioning Metaplanet favorably among yield-starved Japanese investors.

The $13 million price tag for this acquisition is modest relative to the $150 million capital raise it's designed to enable, with a ratio of 11:1. However, Japan's Financial Services Agency may impose additional requirements on this type of instrument, which could attract regulatory scrutiny and delay the project.