Metaplanet partners with SBI Group for Bitcoin custody and trading

Japanese investment firm Metaplanet has partnered with SBI VC Trade to enhance its Bitcoin acquisition strategy.

In a September 2 post on X, Metaplanet CEO Simon Gerovich announced that the partnership involves “Bitcoin trading and custody.” The official document notes that Metaplanet is collaborating with “leading industry stakeholders in Japan” to acquire Bitcoin as a response to Japan’s economic challenges.

Metaplanet will utilise SBI VC Trade’s publicly listed platform, which offers custodial and trading services for both retail and institutional clients, including leverage trading with cryptocurrencies supported by SBI.

Enhanced Bitcoin strategy

In its official announcement, SBI wrote:

Metaplanet has focused on Bitcoin’s scarcity and its non-political monetary policy, appointing Bitcoin as a key financial asset and accumulating it through both debt and equity financing […] As part of their ‘Bitcoin First, Bitcoin Only’ strategy, this partnership will enhance their capabilities in trading, custody, and management of Bitcoin.

The partnership emphasises compliance and tax efficiency. SBI VC Trade, a wholly owned subsidiary of SBI Group, adheres to local crypto regulations.

Additionally, Metaplanet will introduce a new tax service, the “Exclusion Service for End-of-Period Valuation Taxation,” which allows firms to avoid corporate taxes on unrealised gains at the end of a fiscal period.

Metaplanet’s Bitcoin focus

Originally a budget hotel operator in Japan under the name Red Planet, Metaplanet has transitioned into a Web 3.0 and metaverse-focused firm.

Earlier this year, it adopted a “Bitcoin first” strategy to bolster its treasury with Bitcoin, citing Japan’s weak economic condition and the Yen’s 34-year low against the US dollar.

Metaplanet now regards Bitcoin as its primary treasury asset, with an initial investment of 1 billion yen (approximately $6.59 million). This was followed by additional Bitcoin purchases in July, totaling 245.99 BTC.

In August, the company planned to raise 10 billion yen through a stock rights offering to fund further Bitcoin acquisitions and secured a loan from MMXX Ventures for additional purchases.

Following a recent acquisition of 57.273 BTC, Metaplanet’s total Bitcoin holdings have reached 360.368 BTC, purchased at an average price of roughly $65,146 per coin.

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