Crypto Market News

06/16 14:01

Bitcoin yield is already here, now finance wants t

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Bitcoin's protocol rewards miners through block subsidies and transaction fees, leaving holders who sit on coins with no claim on the network's output, no interest, no dividend, no staking reward of any kind. Wall Street is building income products around it anyway, and two events landing within days of each other show how far that shift has progressed. BlackRock's iShares Bitcoin Premium Income ETF (BITA) is set to begin trading on Nasdaq on June 16, while in Japan, Metaplanet signed a share-transfer agreement on June 12 to acquire all outstanding shares of Siiibo Securities. The common thread is engineered yield, income manufactured from options premiums, credit structures, and collateralized exposure layered on top of an asset whose protocol pays nothing to holders. Metaplanet held 40,177 $BTC as of June 15, with a net asset value of ¥457.6 billion, making it the third-largest corporate Bitcoin holder globally and the largest in Japan. The Siiibo acquisition costs ¥2.1 billion and is funded primarily through cash and borrowings, with Metaplanet noting it may also draw on Bitcoin-backed credit facilities offering up to $500 million in borrowing capacity. The deal closes on July 13, with full subsidiary conversion expected by late August, followed by a rename to Metaplanet Securities. Siiibo holds a registered Type I Financial Instruments Business Operator license and operates a private placement corporate bond platform that has supported over 100 bond issues for over 40 companies. Metaplanet's supplemental materials, framed around generating yield for Japan, state that the group will be able to offer income-oriented products, including $BTC-linked bonds, once Siiibo becomes a subsidiary, though the company notes these are still plans. BlackRock's BITA filings with the SEC describe the ETF as a Delaware statutory trust wh

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