Metaplanet said it is partnering with SBI VC Trade to utilize its corporate custody service which offers the potential to use BTC as collateral for financing.
"This aligns with our vision of a modern financial service provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing," Metaplanet said.
Japanese investment adviser Metaplanet (3350), which adopted bitcoin {{BTC}} as a reserve asset earlier this year, said it tapped SBI VC Trade to provide custody services.
SBI VC Trade, a unit of Tokyo-based SBI Holdings, prioritizes tax efficiency and offers the potential to use BTC as collateral for financing, Metaplanet said on Monday. SBI Holdings is a financial services company that manages around 27.2 trillion yen ($185 billion). SBI VC Trade is a crypto exchange regulated by Japan's Financial Services Agency.
"This aligns with our vision of a modern financial service provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing," Metaplanet said.
In May, Metaplanet said it was adopting bitcoin as a reserve asset to hedge against the volatility of the yen. As of Aug. 20 it held 360.4 BTC ($21 million).
The reserve-asset strategy mimics software developer MicroStrategy (MSTR), which has been buying bitcoin since 2020 and now holds over 226,000 BTC, more than 1% of all the bitcoin that will ever exist.
Metaplanet shares fell 12.4% to 1,220 yen ($8.30) on Monday.
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