Metaplanet, a major Japanese Bitcoin investor often referred to as the “Japanese MicroStrategy,” is collaborating with Ripple’s banking partner, the financial services firm SBI.
Metaplanet CEO Simon Gerovich took to X on Sept. 2 to announce that Metaplanet has entered into a strategic partnership with SBI Group’s crypto investment service, SBI VC Trade.
Gerovich noted that effective immediately, Metaplanet’s collaboration with SBI VC Trade aims to target “Bitcoin trading and custody.”
Source: Simon Gerovich
Compliant corporate custody service is a key element of the partnership
“This collaboration is part of our ongoing effort to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy,” Metaplanet’s official announcement reads.
The company also mentioned that one of the key elements of the collaboration is access to a compliant corporate custody service that “prioritizes tax efficiency and offers the potential to utilize Bitcoin as collateral for financing.” The announcement notes:
“As our treasury expands, we continue to evaluate various tools and strategies that could enhance our financial flexibility. Any impact on financials or material events arising from this partnership will be announced accordingly.”
SBI will provide Metaplanet with support in trading and storage
According to an official announcement by SBI, the financial services firm will assist Metaplanet in addressing its Bitcoin (BTC) buying strategy by providing various support in trading, storage and operation.
“Focused on Bitcoin’s rarity and non-political monetary policy, Metaplanet appointed Bitcoin as a major financial asset and advanced Bitcoin’s accumulation through both debt and equity financing,” SBI wrote.
SBI noted that SBI VC Trade is a wholly-owned subsidiary of SBI Holdings, which is listed on the Tokyo Stock Exchange prime market. The platform operates a cryptocurrency asset exchange business in accordance with domestic rules and regulations.
Exemption service for end-of-period valuation tax is among the offered services
Among various services offered by SBI to Metaplanet, the company will provide the Japanese “MicroStrategy” with a new tax-related service that excludes corporate taxes on the benefits of crypto assets.
SBI debuted the service in June 2024, dubbed “Exclusion Service for End-of-Period Valuation Taxation.” It aims to enable corporate crypto investors to hold assets “with confidence in the long run.”
Related: Japan eyes Web3 growth with startup-focused tax reforms
“Even if you use the service, you will receive a staking fee and a discount on the staking fee,” SBI noted in the announcement.
Additionally, SBI VC Trade provides Metaplanet with access to leveraged trading with real margin, enabling the firm to use all SBI-supported crypto assets as margin.
Japanese SBI Group has emerged as a major partner of Ripple, a company behind the XRP (XRP) cryptocurrency.
In April 2024, SBI Group deployed the XRP Ledger blockchain supply chain solutions to introduce XRPL enterprise solutions to the Japanese market.
SBI Remit, the remittance-focused arm of the Japanese financial services conglomerate SBI Holdings, added support for its mobile MoneyTap application to three local banks in 2023.
Multiple other SBI subsidiaries have been collaborating with Ripple for years, launching XRP shareholder benefits programs and XRP-related settlement services.