Metaplanet, a Tokyo-listed bitcoin treasury company, said on June 12 that it acquired Tokyo-based Siiibo Securities for about 2.1 billion yen ($13.1 million).

After the deal closes, Siiibo, a Type I Financial Instruments Business Operator, will become a wholly owned subsidiary and be renamed Metaplanet Securities.

The acquisition is the first move under Metaplanet’s Project Nova strategy, which aims to build a bitcoin financial ecosystem.

Metaplanet said it plans to use Siiibo’s licenses, customer base, and securities expertise to develop bitcoin-linked financial products.

In Japan, a Type I license permits securities underwriting, brokerage and agency services, secondary distribution, and the handling of public offerings and private placements, according to the Financial Services Agency.

Siiibo has supported more than 100 bond offerings for over 40 companies. Metaplanet held 40,177 BTC worth about $2.6 billion as of May 31, according to the company.

Metaplanet said it also plans to use Siiibo’s platform to offer investors opportunities to earn yield and expand its securities distribution business.

🔗 Source: CoinDesk

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