Summary
- In the second quarter, Metaplanet purchased 2,823 Bitcoin for approximately $222 million, increasing its total holdings to 43,000 BTC.
- This marks the firm’s smallest quarterly acquisition in a year, a significant decrease from 17,473 BTC in Q3 2025.
- Most of the financing for this quarter came from debt and income from Bitcoin options rather than through new equity issuance.
The Japanese investment firm Metaplanet reported that it acquired 2,823 Bitcoin in the second quarter, according to a disclosure made on Thursday, spending nearly ¥35.9 billion ($222 million) to boost its total holdings to 43,000 BTC.
This acquisition translates to an average price of about $78,608 per Bitcoin, marking the lowest quarterly purchase for the company in a year, a steep decline from the 17,473 BTC it bought in Q3 2025. Metaplanet continues to aim for targets of 100,000 BTC by the end of 2026 and 210,000 by the end of 2027, although these goals appear increasingly challenging as the pace of buying slows.
Metaplanet acquired an additional 2,823 BTC in Q2. Total holdings: 43,000 BTC. Still climbing. Never stopping. pic.twitter.com/1mCRIf1Uf1
— Simon Gerovich (@gerovich) July 2, 2026
The slowdown in acquisitions comes as the firm's holdings are significantly underwater. As of June 30, Metaplanet estimated the value of its 43,000 BTC at about ¥409 billion ($2.5 billion), substantially below the ¥659 billion ($4.07 billion) paid, resulting in an unrealized loss of around $1.5 billion. Bitcoin's value dropped over 20% during the quarter, ending June near $58,800, according to CoinGecko data.
Funding Approach of Metaplanet
To finance its purchases, Metaplanet opted for debt rather than issuing new shares, utilizing credit lines and standard bonds, as well as generating $10.95 million in revenue from a "Bitcoin Income Generation" initiative that involves selling options against its holdings. New common shares were only issued when the market value exceeded that of its Bitcoin holdings.
This approach is crucial for treasury firms, which rely on trading at a premium to their crypto, known as mNAV, allowing them to sell stock and acquire more Bitcoin without diluting their shareholders. As this premium diminishes across the sector, using equity to fund purchases can become a disadvantageous strategy.
Other Treasury Firms Adjusting Strategies
Metaplanet is not alone in this trend. Strategy, a Bitcoin treasury firm that has been influential in the space, announced this week that it may sell up to $1.25 billion in Bitcoin to bolster cash reserves and will cease issuing common shares for further acquisitions unless trading at a premium, after its mNAV recently dipped to 0.99.
Metaplanet has encountered similar pressures. Despite the reduction in its purchasing activity, it continues to expand its Bitcoin operations, launching a venture investment division and acquiring a Japanese securities firm to create Bitcoin-linked yield offerings. The firm also reported a $725 million loss in Q1 and postponed a preferred share sale.
Shares of Metaplanet, traded OTC in the U.S. under the ticker MTPLF, increased by 2.4% on Wednesday to $1.27, ahead of the filing, while its stock listed in Tokyo (3350) closed at ¥207 ($1.28) on Thursday.