A prominent Bitcoin investor, Metaplanet, has formed a strategic alliance with financial services firm SBI, which is also a banking partner of Ripple. Metaplanet’s CEO, Simon Gerovich, announced on September 2 via social media platform X that the company has teamed up with SBI VC Trade, SBI Group’s crypto investment service. The collaboration aims to offer Bitcoin trading and custody services through SBI VC Trade, starting immediately.
Significant Initiative by Metaplanet
Metaplanet’s announcement emphasized that this partnership is part of its broader strategy to collaborate with key industry players in Japan, focusing on corporate Bitcoin accumulation. One of the main elements of the partnership includes access to a compliant corporate custody service, which prioritizes tax efficiency and enables the use of Bitcoin as collateral for financing:
“As our treasury grows, we are constantly evaluating various tools and strategies to boost our financial flexibility. Any substantial financial impacts or significant events resulting from this partnership will be disclosed accordingly,” stated Gerovich.
How Will This Collaboration Impact Bitcoin Acquisition?
SBI’s official statement revealed that the financial firm will support Metaplanet’s Bitcoin acquisition strategy through various means such as trading, storage, and operations support:
“Metaplanet has identified Bitcoin as a critical financial asset, advancing its accumulation through both debt and equity financing, focusing on Bitcoin’s scarcity and non-political monetary policy,” according to SBI.
SBI VC Trade, a wholly-owned subsidiary of SBI Holdings listed on the Tokyo Stock Exchange, operates a cryptocurrency asset exchange in compliance with local regulations and provides Metaplanet with leveraged trading options.
User-Usable Inferences
Key Takeaways for Investors
- Metaplanet’s partnership with SBI offers a compliant custody service prioritizing tax efficiency, beneficial for corporate investors.
- SBI VC Trade provides Metaplanet with access to leveraged trading using all SBI-supported crypto assets as margin.
- SBI’s Exclusion Service for End-of-Period Valuation Taxation ensures secure long-term holding of corporate crypto assets without tax implications.
In April 2024, SBI Group integrated XRP Ledger blockchain solutions to introduce XRPL corporate solutions in Japan. SBI Remit, a branch of SBI Holdings, added support for three local banks to the MoneyTap mobile app in 2023. Other SBI subsidiaries have also collaborated with Ripple for several years, launching XRP-related settlement services and shareholder benefit programs.