Metaplanet bets Bitcoin treasury firms can survive by packaging Bitcoin income
Metaplanet’s Siiibo deal turns the Bitcoin treasury trade from a balance-sheet accumulation question into a regulated distribution test. The Japan-listed company has agreed to acquire Siiibo Securities, a regulated corporate-bond platform, giving Japan’s largest public Bitcoin treasury company a route into securities structuring and distribution while mNAV, dilution, and BTC-per-share math are under pressure. The…