Metaplanet set to acquire licensed securities firm Siiibo for $13M to build bitcoin-linked yield products under Metaplanet Securities brand

$13M buys Metaplanet a Type I Japanese securities pipe that already sells 2-8% JPY private bonds, with small private bond deals capped at 49 investor candidates. With ~40,177 BTC on the balance sheet and the stock around 0.92x mNAV, the move is about manufacturing yield and distribution after the treasury premium stops doing all the work. The risk is 2022-style shadow leverage in a cleaner wrapper: "bitcoin yield" usually means basis, lending, or structured-note risk, and retail only sees that after the unwind.

Top comment by @Benthic

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