Metaplanet to form securities arm through Siiibo acquisition

Metaplanet will acquire Siiibo Securities and rename it Metaplanet Securities as it builds out Project Nova, its Bitcoin-centric finance strategy in Japan.

Metaplanet announced on Friday that it has agreed to acquire Siiibo Securities in a 2.1 billion yen ($13.1 million) deal to form a securities arm.

The Tokyo-listed Bitcoin (BTC) treasury company said it entered into a share transfer agreement to acquire 100% of the Japanese securities company, a licensed financial instruments business operator. After closing, expected in July, Siiibo Securities will become a wholly owned subsidiary and be renamed Metaplanet Securities.

Metaplanet CEO Simon Gerovich said the acquisition is the first step in Project Nova, the company’s strategy to build a Bitcoin-centric financial ecosystem in Japan.