Benchmark says Metaplanet acquisition targets BTC-backed bond market

Benchmark views Metaplanet’s acquisition of Japanese brokerage Cibo Securities as a core strategy to build a Bitcoin-based bond market rather than a simple business expansion, The Block reported. Benchmark analyst Mark Palmer said the market had interpreted the deal as a routine expansion move, but argued that view significantly undervalued the company’s long-term strategy. Palmer said Metaplanet plans to launch Bitcoin-backed bonds offering yields of around 4% to 6%, then move toward on-chain settlement using stablecoins and the development of a secondary market. Metaplanet Securities, Palmer added, would go beyond serving as a funding channel for Bitcoin purchases and instead form the foundation of a market for BTC-collateralized tokenized bonds called 'Bitbonds.' Metaplanet previously announced it acquired a 100% stake in Cibo Securities for 2.1 billion yen ($13 million).