Metaplanet Inc., the publicly listed company famous for its Bitcoin acquisition, has entered a strategic partnership with Japanese crypto exchange SBI VC Trade. According to a September 2 statement, the partnership is part of Metaplanet’s effort to engage with industry stakeholders in Japan who support the company’s Bitcoin accumulation strategy.
The partnership, effective on September 2, will enable Metaplanet to take advantage of SBI VC Trade’s Bitcoin trading, storage, and management capabilities. SBI VC Trade is a subsidiary of the Japanese financial service firm SBI Group, a key partner for Ripple in the country.
Key features of Metaplanet’s partnership with SBI
A critical element of the collaboration is that Metaplanet now has access to a compliant corporate custody service through SBI VC Trade. The company claims that this custody arrangement prioritizes tax efficiency and offers the potential to utilize Bitcoin as collateral for financing.
It aligns with Metaplanet’s long-term goal of becoming a modern financial services provider and provides flexibility in its corporate strategy. The company has earned the “Asia’s MicroStrategy” moniker for adopting the same approach of acquiring and denominating its treasury in BTC.
The company said:
“As our treasury expands, we continue to evaluate various tools and strategies that could enhance our financial flexibility. Any impact on financials or material events arising from this partnership will be announced accordingly.”
Meanwhile, SBI will also assist Metaplanet with its Bitcoin acquisition strategy. The financial service firm wants to improve its offerings for corporate clients via its SBIVC for Prime platform and recently partnered with blockchain firm Oasys.
Web3 and crypto see major adoption in Japan
The collaboration between the two companies emphasizes the expansion of the Japanese web3 sector. In recent years, Japan has experienced growing acceptance of blockchain technology and crypto. The devaluation of the Japanese yen has also contributed to the increased use of Bitcoin in the country.
Last month, Cryptopolitan reported that Metaplanet secured a 1 billion Japanese yen loan (approximately $6.8 million) at a low interest rate to expand its Bitcoin holdings further. It has bought more Bitcoin over the last two months and now holds 360 BTC. While this pales in comparison to MicroStrategy’s 226,500 Bitcoin stash, it highlights Metaplanet’s firm conviction in the asset.
Meanwhile, other corporate entities within the country are also embracing Web3 technologies. Japanese conglomerate Sony recently launched an Ethereum Layer 2 network, Soneium. In 2023, the company acquired Amber Japan, the parent company of Whale Fin crypto exchange, and renamed it S.BLOX in July 2024.
The rise in adoption can also be attributed to government backing for the Web3 sector. Japanese Prime Minister Fumio Kishida has shown significant support for the crypto industry. In his speech at WebX 2024, he emphasized the various regulatory changes that have enabled Web3 startups to flourish and innovate in the country.
As for Metaplanet, its decision to acquire BTC has been beneficial. Its stock is up 665.50% this year and trades at 1,220 JPY. However, it is down 12.42% today and fell 33.51% in five days, likely due to Bitcoin price struggles.
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