Metaplanet's Siiibo Acquisition Unveils Ambitious Bitcoin Bond Plan
Metaplanet's recent acquisition of Siiibo Securities has been met with skepticism by investors, who believe that it is only a modest bolt-on to the company's existing operations. However, Benchmark analyst Mark Palmer disagrees, saying that this reading 'badly undersells' the company's plans for the brokerage.
The brokerage will be used as the foundation for a new bitcoin-backed fixed-income market in Japan, with Metaplanet calling these tokenized bonds 'Bitbonds.' These bonds will yield between 4% and 6%, and eventually move onchain with stablecoin settlement. The goal is to build a secondary market over the next few years.
Metaplanet's acquisition of Siiibo Securities gives it a Type-1 Financial Instrument Business Operator license, which allows it to structure and distribute securities in Japan. This license normally takes several quarters or more to obtain from scratch.