Metaplanet Partners with SBI VC Trade for Bitcoin Storage Services
Metaplanet has announced a partnership with SBI VC Trade to leverage its corporate custody service, enabling the potential use of BTC as collateral for financing. This move aligns with Metaplanet’s vision of a modern financial service provider, enhancing its corporate strategy alongside existing efforts in equity and debt financing.
Japanese investment advisor Metaplanet, which recently integrated bitcoin (BTC) as a reserve asset, has selected SBI VC Trade to provide custody services. SBI VC Trade, a subsidiary of SBI Holdings in Tokyo, emphasizes tax efficiency and the option to utilize BTC as collateral for financing, as stated by Metaplanet.
Metaplanet’s decision to adopt bitcoin as a reserve asset earlier this year aimed to hedge against the yen’s volatility. As of August 20, the company held 360.4 BTC, equivalent to $21 million. This strategy mirrors MicroStrategy, a software developer that began acquiring bitcoin in 2020 and now possesses over 226,000 BTC, representing more than 1% of the total bitcoin supply.
Following the announcement, shares of Metaplanet dropped by 12.4% to 1,220 yen ($8.30) on Monday. The collaboration with SBI VC Trade marks a significant step in Metaplanet’s strategic direction towards integrating digital assets into its financial operations.
The partnership with SBI VC Trade underscores Metaplanet’s commitment to diversifying its financial services and embracing the potential of digital assets in corporate finance. This move reflects the evolving landscape of traditional finance merging with the innovative possibilities offered by cryptocurrencies like bitcoin.
For more information on this development and related topics, readers can explore additional articles on Japan, Bitcoin, SBI Holdings, and Custody Services. Stay informed about the latest advancements in the cryptocurrency industry and the integration of digital assets into traditional financial systems.
