Japan’s publicly traded company, Metaplanet, has announced a strategic partnership with Japanese crypto trading company, SBI VC Trade for Bitcoin acquisition and custody. This alliance is part of Metaplanet’s broader strategy to a shift toward adopting Bitcoin as a store of value, hedging against the depreciating Japanese yen.
Metaplanet, over the past months, has accumulated a substantial amount of Bitcoin, to the tune of 360 BTCs, positioning itself as the second-largest holder in Japan, after Nexon, and the 19th largest globally.
Metaplanet Links with SBI VC Trade
Metaplanet announced in a release dated September 2 that the partnership between the two companies is for Bitcoin transaction, custody, and management. Moreover, the partnership is part of its ongoing effort to engage with leading industry firms and stakeholders in Japan who also share the same Bitcoin accumulation strategy.
Metaplanet will have access to a corporate custody service that prioritizes compliance and tax efficiency as part of the partnership with SBI Group. Additionally, as a result of the cooperation, Metaplanet may use Bitcoin as collateral for financing.
SBI VC Trade is a fully licensed cryptocurrency trading platform supervised by Japan’s Financial Services Agency. It provides custody and trading solutions to institutional clients, including hedge funds, asset managers, and enterprises like Metplanet.
Additionally, Metaplanet stressed that the partnership is in line with its vision as a modern financial service provider, adding flexibility to its corporate strategy. Notably, it also complements its ongoing efforts in equity and debt financing.
SBI will support Metaplanet’s Bitcoin purchase strategy by offering trading, storage, and operational support, as announced in an official statement by the trading company.
SBI stated that SBI VC Trade is a fully-owned division of SBI Holdings, an organization publicly traded on the Tokyo Stock Exchange. The platform complies with relevant national laws and regulations as regards its Bitcoin asset exchange operation.
“Metaplanet has focused on Bitcoin’s scarcity and non-political monetary policy, and has used Bitcoin as its main financial asset, accumulating Bitcoin through both debt and equity financing, and currently holds approximately 360 BTC. As the company continues to announce its “Bitcoin First, Bitcoin Only” strategy, we have decided to advance Bitcoin trading, storage, and operation through our partnership with Metaplanet. Through our corporate,” SBI said in a statement.
Metaplanet’s Bitcoin plans are similar to those of MicroStrategy, the biggest corporate Bitcoin holder in the world. It currently holds 226,331 BTC and plans to sell its class A shares to purchase even more.
