Metaplanet taps SBI VC Trade for Bitcoin custody 

Japanese investment firm Metaplanet Inc. has partnered with SBI VC Trade, a SBI Group subsidiary, to bolster its Bitcoin accumulation strategy.

According to a Sep. 2 announcement, the collaboration is a bid to double down on Metaplanet’s Bitcoin accumulation strategy by engaging with leading industry stakeholders like SBI holdings. 

As a part of the collaboration with SBI Group, Metaplanet will gain access to a corporate custody service focusing on compliance and tax efficiency. Further, the partnership could see Metaplanet using Bitcoin as collateral for financing.

SBI VC Trade is a fully licensed crypto trading platform regulated by the Financial Services Agency of Japan. It offers custody and trading solutions for institutional clients, such as hedge funds, asset managersor, and corporations like Metplanet.

“This aligns with our vision of a modern financial services provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing,” Metaplanet added.

In subsequent announcements, the firm will disclose the recent partnership’s impact on its “financials or material events.”

Asia’s Microstrategy

The announcement comes as Metaplanet has continued to increase its investments in Bitcoin (BTC) in response to Japan’s economic downturn and the yen depreciation. Notably, the Bank of Japan recently raised its benchmark interest rate from a negative or near-zero range to 0.25% in an effort to strengthen the yen. 

Since going public about what it calls its Bitcoin-first strategy, the firm has acquired 360.368 Bitcoins for roughly 3.45 billion yen, with the most recent purchase made on Aug. 20. 

Previously, the firm disclosed plans to raise $70 million through stock rights offerings and allocate 80% of those funds to buying Bitcoin. Metaplanet’s Bitcoin accumulation strategy has led to it being dubbed Asia’s MicroStrategy. The company’s foray into Bitcoin has also translated into significant growth for its shares, which are up over 662% year to date.

Metaplanet’s methods mimic that of MicroStrategy, the world’s largest corporate holder of Bitcoin. Over the past years, it has accumulated 226,331 BTC and is looking to buy even more by selling its class A shares.