Benchmark: Metaplanet's acquisition of Siiibo Securities is underestimated or will drive the development of Bitcoin bonds

On 28 July, Benchmark stated that the market had underestimated the strategic significance of Metaplanet’s acquisition of the Japanese securities firm Siiibo Securities, which would perhaps lay the foundation for its introduction of Bitcoin in support of “Bitbonds” bonds and the construction of a Japanese monetized fixed-income market. Benchmark states that the acquisition of Siiibo Securities allowed Metaplanet to obtain a Japanese-level financial commodity dealer licence that could be used to design and issue securities products. As part of the Metaplanet “Project Nova” strategy, the company wants to move from a purely bitcoin reserve to a bitcoin-centred financial infrastructure provider. Benchmark maintains a “buy-in” rating for Metaplanet and gives a target price of 405 yen。