Japanese Financial Giant SBI Backs Metaplanet’s Bitcoin Push

Japanese financial giant SBI Holdings’ crypto division, SBI VC Trade, is partnering with investment firm Metaplanet to boost Metaplanet’s Bitcoin holdings. Announced on September 2, 2024, the collaboration will support Bitcoin trading, storage, and management services. SBI VC Trade aims to strengthen its ties with Japanese industry leaders through this partnership, further solidifying its commitment to corporate Bitcoin accumulation.

Metaplanet, often referred to as Asia’s MicroStrategy due to its aggressive Bitcoin acquisition strategy, continues to expand its Bitcoin portfolio. As of August 20, 2024, Metaplanet held 360.368 Bitcoins, valued at approximately ¥3.45 billion ($25.6 million). Its recent purchase included ¥500 million ($3.7 million) worth of Bitcoins, following a ¥1 billion ($7.4 million) loan acquisition.

Metaplanet, focused on becoming a leading financial services provider, believes the SBI partnership will bolster this goal. The alliance also enhances the investment firm’s corporate strategy, particularly in equity and debt financing. Simon Gerovich, Metaplanet’s CEO, expressed his enthusiasm for the collaboration on X.

Pleased to announce our collaboration with SBI Group company @sbivc_official for Bitcoin trading and custody

Japanese: https://t.co/BhsdwnU2Qk

English: https://t.co/2OUiTbMfna https://t.co/swCyOX34bP

— Simon Gerovich (@gerovich) September 2, 2024

SBI VC Trade, on the other hand, sees the partnership with Metaplanet as a way to strengthen its cryptocurrency trading and Web3-focused businesses. The company highlighted Metaplanet’s “Bitcoin first, Bitcoin only” strategy in an official X post.

This collaboration is just one of many for SBI Holdings. The firm’s notable partnership with Ripple led to the launch of SBI VC Trade’s validator node on the XRP Ledger (XRPL), a significant milestone for the XRP community.

In another significant move, SBI Group and South Korea’s Kyobo Life Insurance Group entered into a strategic deal to create a digital finance (DeFi) ecosystem in Korea. The companies focus especially on the concept of Security Token Offerings (STO).

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