Metaplanet is building the Ultimate Bitcoin Accumulation Machine. The strategic direction of building businesses and revenue streams with Bitcoin as the base with a vertically integrated ecosystem is the sustainable way forward. Project NOVA Phase II Endgame: Maximize Leverage through Maximum Efficiency which in turns leads to Maximum Bitcoin per share. #Metaplanet #メタプラネット

Metaplanet Securities / Siiibo acquisition It's been a minute since #Metaplanet gave us something fun to talk about.. So here's what happened, and my read on it in case anyone's interested. Today, Metaplanet announced its first acquisition: ¥2.1 billion (~$13M) in cash for 100% of Siiibo Securities, an online corporate-bond platform that will be renamed Metaplanet Securities. Closing July 13, wholly owned by August. The impact on 2026 consolidated results will be minor, at 0.46% of the company’s ¥457.6 billion Bitcoin NAV. The strategy behind it though, is anything but minor. Start with what they paid. Siiibo earned ¥156M of revenue in FY2025 and lost ¥175M doing it; net assets are ¥587M. Metaplanet paid 3.6x book for a business that has never been profitable. The filing explains the premium in its own pricing rationale, and the first factor listed is telling: the total costs and time-to-market benefits of obtaining a new Type I Financial Instruments Business registration from scratch. A Type I license is what lets a firm structure and sell securities to the Japanese public. This is a license acquisition. So they bought time, not earnings. And that can be worth a lot. And 3.6x book is cheaper than it looks. Most of Siiibo’s ¥587M net assets is regulatory capital any Type I operator must hold regardless. The cleaner read: Siiibo’s capital stock alone is ¥1.6B and it burned ¥497M over the last three years — the VCs behind it are exiting a seven-year build at roughly cost. Metaplanet paid less than it cost to create the asset. The caveat though is that the headline isn’t necessarily the full commitment: the filing flags capital injections and parent loans for the growth phase, on top of the ¥175M annual burn. The reference deck shows what the license is for. Its cover promises to bring “Yield” to Japan, against a dormant ¥1.190 quadrillion opportunity: total household financial assets, ¥1,140 trillion of which sits in cash and deposits. And the first product category, issuance planned: Digital Credit — perpetual preferred shares backed by Metaplanet’s 40,177 BTC. On May 13, Metaplanet flagged that the TSE listing of its MARS and MERCURY preferred shares is taking longer than expected. Japan has never listed a perpetual preferred — Metaplanet’s would be the first — and the exchange wants preferred dividends backed by recurring cash flow proven across market conditions before they allow it. On June 9, the company cut the floor exercise price on its 27th-series warrants from ¥298 to ¥187, with nothing exercisable below 1.01x mNAV. So while Metaplanet works through the regulatory roadblocks to get the prefs listed, it needs to start building the operating cash flow the exchange wants to see — and with the equity engine parked too, both routes need an answer. Siiibo is the route that needs neither. Its entire platform is selling unlisted, privately placed bonds online to vetted investors — and today’s notice says Metaplanet will explore “the offering of private placement debt products leveraging the Group’s credit profile and Bitcoin treasury strategy.” The JPY yield products don’t have to wait for the TSE. Better still, the distribution and structuring fees a securities arm earns are exactly the recurring cash flow the exchange asked to see. The acquisition routes around the listing delay and answers the exchange’s objection at the same time. It also completes a stack. Metaplanet issues preferred shares — Class B is outstanding, the perpetual shelf was filed in August 2025. Metaplanet Asset Management, established in the US in March, structures. Metaplanet Securities distributes — “a direct channel to develop and distribute Bitcoin-related financial products to investors.” And the deck draws the flywheel openly: platform cash flow funds preferred dividends and expands preferred issuance capacity — “More BTC. More Cash Flow. More BTC.” The language signals more to come. The filing calls this the “first major M&A transaction” under Project Nova, and the deck lists the registrations under consideration next: crypto-asset exchange, OTC derivatives, custody, lending, asset management. Funding is cash and borrowings. If this feels familiar, it should. In July 2025, Simon (@gerovich) floated using the Bitcoin stack as collateral to buy cash-generating businesses — a digital bank in Japan was the example — and the idea was widely panned as a loss of focus. Eleven months later, that exact playbook just executed: borrow against the BTC if needed, buy a regulated financial business, point it at the treasury. The instrument changed — a securities firm is a faster, cheaper license than a bank — but Phase II didn’t die. The downside is a small, money-losing broker burning ¥175M a year — 0.04% of NAV. The upside is a regulated sales channel into the largest pool of yield-starved savings on earth, and a second engine for BTC-per-share growth that doesn’t need mNAV above 1 or a TSE rulebook that doesn’t exist yet. If Digital Credit launches, Metaplanet sells yen yield to Japanese households and converts the proceeds into Bitcoin at the HoldCo layer. The Pharaoh’s view: most treasury companies talk about adoption; Metaplanet spent 0.46% of its balance sheet on its own distribution because Japan’s market infrastructure is holding them up. I’m (very) long the stock with a long term view, and expect the team to continue executing and building what will become the most valuable company in Japan. Not financial advice - don’t do what I do. Filings (TDnet): Share transfer agreement (EN): release.tdnet.info/inbs/1401… Supplemental deck (EN): release.tdnet.info/inbs/1401… Japanese original — notice: release.tdnet.info/inbs/1401… Japanese original — deck: release.tdnet.info/inbs/1401… All disclosures: metaplanet.jp/en/shareholder… $MPJPY $MTPLF

📌Here's my deep dive into Metaplanet's Operating Profit. Metaplanet has a revenue target of ¥16 billion in 2026. How will it be achieved? #metaplanet #mtplf #メタプラネット piped.video/FuiZgVrjngM

MPJPY now tradeable on Robinhood. Our Depositary Bank is waiving the ADR issuance fee through June 12. Applies to both MTPLF conversions and new purchases. Full disclosure + investor FAQ in the next thread. $MPJPY $MTPLF