**[Benchmark: Metaplanet's Acquisition of Siiibo Securities Undervalued, May Drive Bitcoin Bond Business Development]** According to a report by Jinse Finance, on July 28, Benchmark stated that the market has underestimated the strategic significance of Metaplanet's acquisition of Japanese securities firm Siiibo Securities. This transaction could lay the foundation for the launch of Bitcoin-backed bonds, "Bitbonds," and the establishment of a tokenized fixed-income market in Japan. Benchmark noted that the acquisition of Siiibo Securities grants Metaplanet a Type I Financial Instruments Business license in Japan, enabling the design and issuance of securities products. This initiative is part of Metaplanet's "Project Nova" strategy, as the company aims to transition from a pure Bitcoin reserve enterprise to a provider of Bitcoin-centric financial infrastructure. Benchmark maintains a "Buy" rating on Metaplanet's stock, with a target price of 405 yen.