Metaplanet Partners with SBI VC Trade for Bitcoin Custody Services

Japanese investment advisory firm Metaplanet (3350), which made headlines earlier this year by adopting bitcoin (BTC) as a reserve asset, has announced its collaboration with SBI VC Trade for custody services. SBI VC Trade, a subsidiary of Tokyo-based SBI Holdings, is known for its focus on tax efficiency and offers innovative solutions, including the ability to use BTC as collateral for financing, according to Metaplanet’s recent statement.

SBI Holdings, a major player in the financial services sector, oversees assets totaling approximately 27.2 trillion yen (around $185 billion). As a regulated cryptocurrency exchange under Japan’s Financial Services Agency, SBI VC Trade brings a level of security and compliance that aligns with Metaplanet’s strategic goals.

In its announcement, Metaplanet emphasized that this partnership “aligns with our vision of a modern financial service provider” and enhances the flexibility of their corporate strategy, which is crucial for ongoing efforts in both equity and debt financing.

Back in May, Metaplanet revealed its decision to adopt bitcoin as a reserve asset, a move aimed at mitigating the volatility of the Japanese yen. By August 20, the firm had accumulated a total of 360.4 BTC, valued at approximately $21 million.

This strategic reserve asset approach is reminiscent of the tactics employed by software developer MicroStrategy (MSTR), which has been actively purchasing bitcoin since 2020 and currently holds over 226,000 BTC, representing more than 1% of the total bitcoin supply that will ever exist.

Despite these ambitious plans, Metaplanet’s shares experienced a notable decline, dropping 12.4% to 1,220 yen ($8.30) on Monday, reflecting the volatility and challenges inherent in the cryptocurrency market.