Metaplanet Inc. (TSE: 3350 / OTCQX: MTPLF), the only non-US company among the top three publicly listed corporate Bitcoin holders globally, announced on June 12 that it will acquire 100% of Siiibo Securities Inc. for approximately $13 million, according to reporting by The Block. The deal, disclosed through Japan's TDnet regulatory filing system, is expected to close in July 2026. Upon completion, Siiibo will be renamed Metaplanet Securities Inc. CEO Simon Gerovich confirmed the acquisition and timeline in a statement to The Block.

The timing is notable. Japan's lower house passed landmark amendments to the Financial Instruments and Exchange Act (FIEA) on June 11, just one day before the announcement. The legislation reclassifies Bitcoin, Ethereum, XRP, and more than 100 other crypto assets as financial instruments, placing them in the same legal category as stocks and bonds. It also cuts the capital gains tax on crypto from a maximum of 55% to a flat 20%, matching the rate for equities. These two provisions operate on distinct implementation schedules: the structural reclassification of crypto assets as financial instruments targets fiscal 2027, within one year of promulgation, while the capital gains tax reduction to a flat 20% rate takes effect specifically on January 1, 2028. Metaplanet's acquisition of a firm that already holds a Type I Financial Instruments Business Operator license (the category that covers securities brokers dealing in stocks, bonds, and investment funds) means the company will be positioned to issue compliant Bitcoin-linked products earlier than competitors who must obtain licensing from scratch, assuming the deal receives the required regulatory clearance.

Siiibo was founded in January 2019 by Kazuki Komura, a former credit trader at Deutsche Securities and former advisor to BlackRock Japan. The firm built an online platform for small-lot private placement corporate bonds, making bond deals more accessible to individual and smaller institutional investors who traditionally operated outside wholesale debt markets with their higher minimum commitments. It also offers secondary market trading so bondholders can sell before maturity. In April 2025, Siiibo expanded into bond underwriting, a capability that directly supports Metaplanet's stated plan to originate its own debt instruments rather than simply distribute third-party paper. The firm also offers a bundled bond diversification product called "Omatame-sai." As of its last reported figures, Siiibo had facilitated roughly 1.6 billion yen in corporate bond issuances for clients. The acquisition gives Metaplanet both the regulatory license and the operational infrastructure to begin issuing its own debt instruments, including Bitcoin-linked bonds and what the company describes as income-oriented yield products.

This deal falls under "Project Nova," Metaplanet's broader strategy to convert the company from a passive Bitcoin accumulator into an active Bitcoin-native financial services business. Gerovich has described the effort as part of a broader "Bitcoin gold rush" reshaping Japan's financial sector. Project Nova has three components: Metaplanet Asset Management, based in Miami, which plans to offer options-based Bitcoin yield products, institutional Bitcoin securities and wrappers, and managed discretionary strategies; Metaplanet Ventures in Japan, a 4 billion yen (roughly $25 million) fund targeting Bitcoin infrastructure including lending, custody, and payments; and a foundation layer covering institutional custody, settlement, and compliance systems. Conservative revenue projections for the full Nova build are approximately 2 billion yen per year, with the optimistic scenario reaching around 9.5 billion yen, according to analysis published by MetaPlanet Dojo. Gerovich has also flagged plans to acquire a Japanese digital bank as a second phase, which would support Bitcoin collateral and credit services.

To fund its Bitcoin accumulation, Metaplanet has raised approximately $5.4 billion through moving-strike equity warrants, which Gerovich has characterized as Asia's largest Bitcoin-dedicated capital raise. The company currently holds 40,177 BTC, acquired at a total cost of approximately $4.18 billion. That puts the average purchase price at roughly $104,106 per coin, a figure consistent with Gerovich's own reporting as of April 2026 and with the arithmetic (dividing $4.18 billion by 40,177 coins yields approximately $104,044). Bitcoin Treasuries has published a differing figure of $97,593, which likely reflects a different reporting period or methodology. At Bitcoin's current price of around $63,569 (as of June 12, 2026), the portfolio sits approximately 39% below its cost basis, representing an unrealized paper loss of roughly $1.6 billion. The company frames its performance using a proprietary metric called "BTC Yield," a KPI accepted in FSA filings that tracks Bitcoin accumulation relative to share dilution rather than unrealized profit or loss. Gerovich reported a BTC Yield of 2.8% year-to-date through the first quarter of 2026. The company ranks third among publicly listed corporate Bitcoin holders globally, behind Strategy (approximately 845,256 BTC) and Twenty One Capital (approximately 43,514 BTC). It is the only non-US company in the top three.

For markets outside Japan, the Siiibo acquisition carries structural significance. Japan's regulatory framework, built around the FSA and the JVCEA self-regulatory body, explicitly permits listed companies to hold Bitcoin as a treasury asset and to issue serial warrant and bond tranches with relatively low procedural friction. Presto Research has described this as a meaningful advantage over the US model, where overlapping authority across the SEC, CFTC, FinCEN, and state regulators creates persistent ambiguity. Regulators in India (SEBI), Singapore (MAS), and Thailand (the Securities and Exchange Commission) are actively designing their own crypto securities frameworks and have been watching Japan's FIEA transition closely. In Africa, where on-chain transaction volume across sub-Saharan markets exceeded $205 billion between July 2024 and June 2025 (a 52% year-over-year increase), demand for regulated, yield-bearing crypto instruments is growing. South Africa, Nigeria, and Kenya each have capital markets oversight bodies integrating digital assets, though at different stages of maturity. South Africa operates a licensed crypto asset service provider framework under the FSCA. Nigeria has recognized digital assets under its Investment and Securities Act 2025 and through its SEC. Kenya's Capital Markets Authority is at an earlier stage of developing formal oversight. A publicly listed company issuing Bitcoin-linked bonds under a national securities license offers a verifiable proof-of-concept that regulators and institutions across those markets can reference.

The upper house of Japan's parliament has not yet voted on the FIEA amendments, and the deal itself still requires regulatory clearance. But if both proceed on schedule, Metaplanet Securities could enter fiscal 2027 as one of the first FSA-licensed firms in Japan specifically built to originate Bitcoin-native fixed-income products. It would arrive just as the FIEA's structural reclassification of crypto assets as financial instruments takes effect, with the flat 20% capital gains tax rate on crypto following on January 1, 2028.