Metaplanet taps SBI VC Trade for Bitcoin custody 

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

According to the announcement made on September 2, this collaboration is Metaplanet’s attempt to double down on its Bitcoin accumulation strategy by engaging with leading industry stakeholders such as SBI holdings.

As part of the partnership with SBI Group, Metaplanet will gain access to an institutional custody service focused on compliance and tax efficiency. Additionally, the partnership could enable Metaplanet to use Bitcoin as collateral for financing.

SBI VC Trade is a fully licensed crypto trading platform regulated by the Japan Financial Services Agency. It provides custody and trading solutions for institutional clients such as hedge funds, asset managers, and companies 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.

The company will disclose the impact of the latest partnership on the company’s “financial condition or material events” in subsequent announcements.

Asia’s Micro Strategy

The announcement comes as Metaplanet continues to increase its investments in Bitcoin (BTC) in response to the economic downturn and yen depreciation in Japan. 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 the company went public with its Bitcoin-focused strategy, it has purchased 360,368 Bitcoin for approximately 3.45 billion yen, with the most recent purchase made on August 20.

Previously, the company announced plans to raise $70 million through equity rights offerings, with 80% of the funds earmarked to buy Bitcoin. Metaplanet’s Bitcoin accumulation strategy has led to it being referred to as Asia’s MicroStrategy. The company’s foray into Bitcoin has also translated into significant growth for its stock, which is up over 662% this year.

Metaplanet’s methods mimic those of MicroStrategy, the world’s largest institutional Bitcoin holder. It has amassed 226,331 BTC in recent years and aims to buy even more by selling its Class A shares.