Metaplanet
Metaplanet acquires Siiibo Securities for $13.1 million
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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 posted higher operating profit for the first quarter, supported by income from bitcoin holdings. The company nevertheless recorded a $728 million loss from valuation markdowns after bitcoin prices fell sharply.
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Tokyo-listed Metaplanet is set to introduce a new preferred-share structure inspired by Strategy's Bitcoin funding model. The initiative aims to accelerate the company's expansion of its corporate Bitcoin treasury. CEO Simon Gerovich announced the plan this week during public remarks.