Metaplanet, a Tokyo-based bitcoin treasury company, said on July 10 that it is studying bitcoin-backed tokenized credit products in Japan with Siiibo Securities, JPYC, and Progmat.  The move extends its strategy beyond holding bitcoin as a treasury asset.

The group will assess whether bitcoin can serve as collateral for credit instruments and whether the idea should move to a proof of concept and possible issuance. Metaplanet said key products details have yet to be decided.

Metaplanet bought Siiibo for 2.1 billion yen (US$12.9 million) last month and will rename it Metaplanet Securities on July 13.

Siiibo holds a Type I Financial Instruments Business registration that allows securities structuring and distribution in Japan.

Progmat, a Japan-based regulated security-token platform, said it accounted for 63% of Japan’s cumulative security-token issuance volume.

Metaplanet said this market exists in the US but not yet in Japan. BOOSTRY said public security-token issuance in fiscal year 2024 totaled 46.4 billion yen (US$286 million), bringing cumulative issuance to 168.2 billion yen (US$1.04 billion).

Metaplanet said it holds 43,000 BTC worth about US$2.47 billion, making it the third-largest publicly traded holder of bitcoin.

🔗 Source: CoinDesk

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