Metaplanet has acquired Siiibo Securities for $13 million, the company announced this week. The deal lets Metaplanet issue a new Bitcoin-backed preferred stock called MARS shares, which will pay monthly dividends — and it won't need the Tokyo Stock Exchange to do it.
The acquisition and the MARS structure
Metaplanet, a Tokyo-based investment firm, bought Siiibo Securities outright. The $13 million price tag gives Metaplanet a licensed securities platform. That license is the key: it lets the company structure and sell MARS shares directly to investors without listing on the TSE.
MARS shares are designed as a preferred stock backed by Bitcoin. Holders get monthly dividends, though Metaplanet hasn't yet disclosed the yield or the exact collateralization ratio. The structure is unusual — most Bitcoin-linked products are either ETFs or trust-based. A preferred stock with regular payouts is a different pitch.
Why bypass the TSE?
Listing on the Tokyo Stock Exchange is expensive and slow. By using Siiibo's existing license, Metaplanet can bring MARS shares to market faster and with more control over terms. It also avoids the regulatory gauntlet that comes with a new exchange listing. The move signals that Metaplanet is serious about creating a recurring income product for Bitcoin investors, not just a buy-and-hold play.
Metaplanet says it will finalize the MARS share structure in the coming months. The company still needs regulatory approval for the product itself. That's a hurdle, but having a licensed broker-dealer in hand should help. Investors will be watching for the dividend rate and how the Bitcoin backing is managed — especially if prices swing.
