Benchmark Says Metaplanet’s Seibo Securities Deal Is Key to Building Bitcoin-Backed Bond Market
Summary
- Benchmark said Metaplanet’s acquisition of Seibo Securities is a key strategy for building a Bitcoin-backed bond market.
- Metaplanet plans to launch Bitcoin-backed bonds offering 4% to 6% yields, followed by stablecoin-based on-chain payments and a secondary trading market.
- Metaplanet Securities will serve as the foundation of the Bitbonds market for BTC-backed tokenized bonds, and the company acquired a 100% stake in Seibo Securities for 2.1 billion yen (about $13 million).
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Benchmark views Japanese Bitcoin-buying company Metaplanet’s acquisition of Seibo Securities as a key step in building a Bitcoin-backed bond market, rather than a simple business expansion, The Block reported on July 27.
Benchmark analyst Mark Palmer said the market had interpreted the Seibo Securities acquisition as a business expansion, but that doing so understated Metaplanet’s long-term strategy. The company plans to launch Bitcoin-backed bonds offering annual yields of 4% to 6%, then build stablecoin-based on-chain payments and a secondary trading market.
He added that Metaplanet Securities will be more than a funding channel for Bitcoin purchases and will instead serve as the foundation for a market in BTC-backed tokenized bonds, or "Bitbonds." Metaplanet previously announced that it had acquired a 100% stake in Seibo Securities for 2.1 billion yen, or about $13 million.
JH Kim
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