- Metaplanet plans to rename Shibo Securities as it expands its Bitcoin-focused financial business.
- The brokerage will support Bitcoin-based financial products through the BTC x Finance platform.
- CEO Simon Gerovich says the acquisition is the first step in Metaplanet’s Project Nova.
Metaplanet is moving ahead with the integration of its newly acquired brokerage business after confirming plans to rename Shibo Securities to Metaplanet Securities. The proposed change, which requires shareholder approval at a meeting scheduled for July 13, marks the next step in the company’s effort to expand its Bitcoin-focused financial operations in Japan.
The firm acquired the licensed brokerage for 2.1 billion yen (about $13 million) and plans to use it to develop Bitcoin-based financial products for retail investors. If shareholders approve the name change, the rebranded brokerage will become a central part of the company’s strategy to combine traditional financial services with Bitcoin-related investment products.
Shareholder Vote to Decide New Identity
The proposed name change will be presented to shareholders on July 13. Approval would formally transform Shibo Securities into Metaplanet Securities as the company continues integrating the brokerage into its operations.
Metaplanet previously signed a share transfer agreement to acquire 100% of Shibo Securities, a licensed Japanese financial instruments business operator, for 2.1 billion yen. The acquisition is expected to close during July, after which the brokerage will operate as a wholly owned subsidiary.
According to company statements, the renamed business will support the creation of a “BTC x Finance” platform designed to provide Bitcoin-based financial products to retail investors in Japan.
Securities Arm to Support Bitcoin Products
Metaplanet Chief Executive Officer Simon Gerovich previously described the acquisition as the first step in Project Nova, the company’s initiative to establish a Bitcoin-centered financial ecosystem in Japan.
Gerovich said the company plans to develop and distribute Bitcoin-related yield products directly to Japanese investors, supported by the firm’s holdings of 40,177 BTC.
The company also stated that Shibo Securities’ financial licenses, existing corporate bond platform, and customer base would provide the foundation for developing income-oriented products, including Bitcoin-linked bonds, while offering direct access to retail investors seeking yield-focused investments.
Related: Metaplanet Targets Japan’s Bond Market with $13M Siiibo Securities Acquisition
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