Benchmark: Market Underestimates Metaplanet's Acquisition Intent for Siiibo Securities

Investment bank Benchmark analyst Mark Palmer pointed out that Metaplanet's intention to acquire Siiibo Securities for approximately 2.1 billion yen (about 13 million USD) has been severely underestimated by the market. This acquisition allows Metaplanet to obtain a Type 1 Financial Instruments Business license in Japan, enabling it to structure and distribute securities products in Japan, a process that typically takes several quarters from scratch. LeClair stated that this brokerage will not only serve as a financing channel for Metaplanet's Bitcoin purchases but will also become the infrastructure for a new fixed income market called "Bitbonds" (Bitcoin-collateralized tokenized bonds). The long-term goal is to make Metaplanet Securities a platform for companies employing Bitcoin treasury strategies to finance Bitcoin purchases through bond issuance. The company plans to launch Bitcoin collateralized bonds with yields of about 4% to 6%, gradually achieving on-chain operations and using stablecoin settlements, while establishing a secondary market in the coming years. This plan is an extension of Metaplanet's "Project Nova" roadmap, aimed at surpassing mere corporate Bitcoin treasuries by acquiring cash-flowing businesses and building Bitcoin-native financial infrastructure. Benchmark maintains a "Buy" rating on Metaplanet's stock, with a target price of 405 yen (about 2.47 USD). The company currently holds 43,000 Bitcoins, valued at nearly 2.8 billion USD, making it the third-largest publicly traded Bitcoin treasury company in the world.

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