Metaplanet plans Bitcoin-backed bonds yielding up to 6%

Metaplanet plans to use its newly acquired Japanese brokerage to develop Bitcoin-backed bonds offering yields of roughly 4% to 6%, according to Benchmark. Summary Metaplanet envisions issuing Bitcoin-backed bonds yielding between 4% and 6%. Its JPY 2.1 billion Siiibo Securities acquisition provided a regulated Japanese securities platform. Future Bitbonds could move onchain with stablecoin settlement and trade on a secondary market. Benchmark maintained its Buy rating and JPY 405 price target for Metaplanet stock. Metaplanet Securities could become a Bitbond platform Benchmark analyst Mark Palmer argued that investors have underestimated the importance of Metaplanet’s acquisition of Siiibo Securities, which closed for JPY 2.1 billion, or roughly $13 million. “When Metaplanet closed its ¥2.1 billion (~$13 million) acquisition of Siiibo Securities … the market largely read the deal as a modest bolt-on,” Palmer wrote. “Our discussion last week with Dylan LeClair … made it clear that this reading badly undersells the company’s plans for the firm it acquired.” Metaplanet used the acquired brokerage to launch Metaplanet Securities earlier in July. The subsidiary operates as a digital ass...