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Benchmark says Metaplanet is still trading as a Bitcoin proxy

Benchmark says Metaplanet is still trading as a Bitcoin proxy

Metaplanet's acquisition of Siiibo Securities gives it a Type-1 license in Japan, supporting plans to issue bitcoin-linked Bitbonds and expand beyond treasury exposure into capital-markets infrastructure.

BTC

Fact Check
The Block primary reporting confirms every substantive element of the claim: Benchmark says Metaplanet is still valued as a bitcoin proxy; the acquired securities firm's Type-1 license provides a regulated path to design and sell securities in Japan; and Metaplanet plans bitcoin-backed 'Bitbonds' with on-chain tokenization, pushing beyond treasury exposure into tokenized capital markets under 'Project Nova'. The acquisition price (¥2.1B / ~$13M) and details are corroborated across The Block, PANews, and odaily. The only inaccuracy is the company name — the actual firm is 'Siiibo Securities', not 'Seibo Securities' — a minor spelling variance that does not undermine the claim's substance.
Summary

Metaplanet is still being valued by investors primarily as a Bitcoin proxy, Benchmark said, even as the company builds the regulatory and market infrastructure for a broader BTC-focused financial platform. Benchmark analyst Mark Palmer said Metaplanet's 2.1 billion yen, or roughly $13 million, acquisition of Siiibo Securities is being underestimated because it gave the company a Type-1 Financial Instrument Business Operator license, allowing it to structure and distribute securities in Japan without waiting through the standard licensing process. After meeting with Dylan LeClair, Metaplanet's Director of Bitcoin Strategy, Palmer said the brokerage is intended to become an open platform for other companies pursuing Bitcoin treasury strategies to issue debt that funds their own BTC holdings. Metaplanet calls these instruments Bitbonds and plans yields of roughly 4% to 6%, with eventual on-chain settlement using stablecoins and a secondary market over time. Palmer linked the strategy to Metaplanet's Project Nova roadmap, which aims to expand the company beyond holding BTC on its balance sheet by acquiring cash-flowing businesses and building what LeClair described as "a new kind of financial institution from Japan, with bitcoin at its core." Benchmark maintained its Buy rating and 405 yen price target. Metaplanet currently holds 43,000 BTC valued at close to $2.8 billion, making it the third-largest publicly traded corporate Bitcoin treasury by holdings.

Terms & Concepts
  • Bitbonds: Bitcoin-linked bonds Metaplanet plans to use as debt instruments for companies pursuing BTC treasury strategies.
  • Type-1 Financial Instrument Business Operator license: A Japanese regulatory license that allows the holder to structure and distribute securities.
  • Secondary market: A market where investors buy and sell securities after their initial issuance.