Metaplanet buys brokerage for $13M to launch Bitcoin-backed preferred stock with monthly dividends

Metaplanet, the Tokyo-listed company that has become Japan’s answer to MicroStrategy, agreed to acquire Siiibo Securities for approximately 2.1 billion yen, roughly $13 million, giving it a Type I securities license and the ability to distribute Bitcoin-linked equity products directly to investors. The deal, announced on June 12, sets the stage for Metaplanet to rebrand the firm as Metaplanet Securities in July 2026.

Why Metaplanet bought a brokerage

Metaplanet had already designed its preferred share products. The company’s MARS and Mercury preferred shares gained shareholder approval in late 2025 and were first outlined in the Q2 2025 earnings report. The plan was to raise approximately 21.25 billion yen, about $150 million, through these instruments.

In May 2026, listing plans for both the MARS and Mercury shares hit a wall. Japan’s developing market conditions and stringent exchange rules around dividend payments created regulatory friction that forced a postponement.

Rather than wait for the TSE to modernize its preferred share infrastructure, Metaplanet chose to acquire a licensed brokerage, meaning the company can distribute these products directly to Japanese retail and institutional investors, completely sidestepping the exchange listing process.

The MARS shares and Japan’s yield problem

The MARS preferred shares are structured as senior, non-dilutive preferred equity with monthly dividends that adjust based on market conditions. The Mercury preferred shares, meanwhile, are projected to offer a 4.9% annual dividend.

Japan has been stuck in a low-yield environment for decades. Japanese government bonds pay almost nothing. Bank savings accounts are barely worth mentioning. A product offering nearly 5% annual returns, paid monthly, positions Metaplanet favorably among yield-starved Japanese investors.

CEO Simon Gerovich described the acquisition as a pivotal step in the company’s “Project Nova,” which he characterized as an effort to create comprehensive Bitcoin-centric financial infrastructure in Japan.

What this means for crypto-linked financial products

The preferred share structure is deliberately designed to appeal to traditional investors, not crypto natives. Monthly dividends, senior claim on assets, non-dilutive terms: this is the language of conservative income investing, wrapped around a Bitcoin treasury strategy.

The $13 million price tag for this acquisition is modest relative to the $150 million capital raise it’s designed to enable. That’s roughly an 11x ratio of potential capital raised to acquisition cost.

Japan’s Financial Services Agency has been generally progressive on crypto regulation, but Metaplanet is pushing into uncharted territory with these products. Using a Type I securities license to distribute Bitcoin-backed preferred equity is novel, and novel financial products tend to attract regulatory scrutiny. If Japanese regulators decide to impose additional requirements on this type of instrument, Metaplanet could face the same delays it was trying to avoid by buying the brokerage in the first place.

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