Metaplanet completed the purchase of Tokyo-based Siiibo Securities in a deal worth about 2.1 billion yen. The acquisition supports the company's Project Nova initiative to develop Bitcoin-linked financial products.
Metaplanet announced the deal on Friday. The company will turn Siiibo into a wholly owned subsidiary and rename it Metaplanet Securities. Siiibo holds regulatory licenses for securities business and has facilitated more than 100 corporate bond offerings.
The move forms the first step in Project Nova. Metaplanet aims to create Bitcoin-linked bonds, tokenized securities, and yield products for Japanese investors. The firm currently holds 40,177 BTC valued at $2.6 billion as of May 31.
Siiibo's platform and customer base will help expand distribution of digital asset products. Metaplanet expects the combination to open access to Japan's household savings market amid shifting economic conditions.
