Japanese investment firm Metaplanet Inc. has partnered with SBI VC Trade, a subsidiary of the SBI Group, to support its Bitcoin staking strategy.
According to a report released on September 2, advertisementThis collaboration is an attempt to double down on Metaplanet’s Bitcoin aggregation strategy by engaging with industry-leading stakeholders like SBI Holdings.
As part of the collaboration with SBI Group, Metaplanet will gain access to an institutional custody service focused on compliance and tax efficiency. Furthermore, the partnership could see Metaplanet use Bitcoin as collateral for financing.
SBI VC Trade is a fully licensed and regulated cryptocurrency trading platform under the Financial Services Agency of Japan. It provides custody and trading solutions to institutional clients, such as hedge funds, asset managers, and companies like Metplanet.
“This is in line 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.
In subsequent announcements, the company will disclose the impact of the latest partnership on its “financial statements or material events.”
Small Asia Strategy
The announcement comes as Metaplanet continues to increase its Bitcoin (BTC) investments in response to Japan’s economic slowdown and the depreciation of the yen. Notably, the Bank of Japan recently raised its benchmark interest rate from negative or near-zero to 0.25% in an attempt to boost the yen.
Since announcing what it calls its Bitcoin First Strategy, the company has acquired 360,368 Bitcoin Samsung Electronics shares were worth about 3.45 billion yen, and the last purchase was made on August 20.
Previously, the company revealed plans to raise $70 million through equity offerings and allocate 80% of the funds to buy bitcoin. Metaplanet’s bitcoin accumulation strategy has led to it being called Mini Asia StrategyThe company’s foray into Bitcoin has also translated into significant growth for its stock, which is up more than 662% so far this year.
Metaplanet’s approach mimics that of MicroStrategy, the world’s largest Bitcoin holding company. Over the past few years, it has raised 226,331 BTC and is looking to buy more by selling its Class A shares.