Metaplanet's Regulated Ambitions Face Skeptical Market

Metaplanet's transformation from a pure Bitcoin hoarder to a regulated securities firm is underway, but its share price has yet to catch up. The Tokyo-listed company acquired Siiibo Securities in June 2026 for 2.1 billion yen, bringing a first-class securities dealer license with it. This license allows Metaplanet to sell regulated Bitcoin yield products directly to Japanese households.

The acquisition is a strategic move to tap into Japan's vast pool of household savings, but concrete products remain a distant prospect. Despite this, Metaplanet has continued to accumulate coins, adding 2,823 BTC in the second quarter of 2026, bringing its total holdings to exactly 43,000 BTC as of July 2, 2026.

The company has also launched a research initiative with JPYC and Progmat to explore Bitcoin-collateralized lending products. The project is still in an early experimental phase, with no products yet issued and no revenue generated.