Metaplanet Climbs to Third Place Globally
Japanese investment firm Metaplanet has cemented its position as the third-largest corporate holder of Bitcoin worldwide, following its recent acquisition of 2,823 BTC during the second quarter of 2026. This purchase brings the company’s total Bitcoin holdings to 43,000 BTC, with a combined value of approximately $2.6 billion as of June 30. Only two publicly traded firms—Strategy (formerly MicroStrategy) and Twenty One Capital—hold more Bitcoin on their balance sheets.
Metaplanet’s latest buy was valued at about $170.7 million, executed at an average price near ¥12.71 million ($78,850) per Bitcoin. The company’s aggressive accumulation strategy has been marked by a series of large-scale purchases throughout the past year, steadily increasing its digital asset reserves despite considerable market volatility.
Metaplanet reported an unrealized loss of approximately $1.5 billion on its Bitcoin holdings as of June 30, 2026.
Average Acquisition Cost Drops Again
With this most recent purchase, Metaplanet managed to reduce its average acquisition cost per Bitcoin to $95,117, down from $96,258 previously. The effective purchase price for the quarter was even lower—around ¥12.09 million ($77,000) per Bitcoin—when accounting for revenue generated by its Bitcoin Income Generation business.
On paper, Metaplanet spent roughly ¥659 billion ($4.07 billion) acquiring its Bitcoin stack, but those coins were valued at only ¥409 billion ($2.5 billion) at the end of June.
This gap highlights a significant unrealized loss of about $1.5 billion on Metaplanet’s holdings as of June 30, a figure that underscores both the risks and long-term conviction embedded in the company’s approach.
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Revenue Rises Amid Bitcoin Downturn
Despite a challenging environment for digital assets—Bitcoin itself has fallen 31% year-to-date—Metaplanet’s Bitcoin Income Generation division posted robust results. The business generated approximately 1.75 billion yen ($10.85 million) in operating revenue during the second quarter alone and reached roughly 11.4 billion yen in revenue over the trailing twelve months.
The company uses bitcoin options strategies to produce recurring income from its holdings while continuing to expand its treasury position. This approach yielded a reported BTC yield of 6.6% for the quarter ending June 30.
While Metaplanet shares closed up 3.5% at ¥207 ($1.28) on Thursday after the announcement, they remain down 48% for the year—a sharper decline than Bitcoin itself over the same period.
Year-to-Date Losses Shadow New Milestone
The contrast between Metaplanet’s growing Bitcoin reserves and its financial performance is stark: although it now holds more than 43,000 BTC, both its stock price and asset values have suffered in tandem with broader crypto market declines. As reported by coindesk.com, Metaplanet relies on credit facilities and bond issuances alongside operating income from its options strategy to fund these ongoing purchases.
Total debt and preferred stock now represent about 23% of the net asset value tied up in Metaplanet’s Bitcoin holdings—a leverage ratio that could become problematic if prices fall further or remain depressed for an extended period.
It’s unclear how long Metaplanet can maintain this aggressive approach without a sustained recovery in digital asset prices or broader investor sentiment toward publicly traded crypto treasuries.
Why it Matters
Metaplanet’s continued expansion signals that some institutions remain committed to large-scale crypto accumulation even amid sharp price corrections and persistent volatility.
The company’s use of bitcoin options to generate steady income provides a partial hedge against market downturns while allowing it to increase exposure over time—a strategy not widely adopted among peer firms. For shareholders and industry watchers alike, Metaplanet’s moves offer a real-world test case for balancing risk and reward in corporate crypto treasuries as market cycles play out.
With K Wave Media exiting its own Bitcoin treasury strategy—selling off its remaining 88 BTC to repay $6 million in debt—the divergence between firms doubling down on crypto and those pulling back is becoming increasingly pronounced.
Key Points
- •Metaplanet acquired 2,823 BTC in Q2 2026, bringing its total holdings to 43,000 BTC valued at about $2.6 billion.
- •As of June 30, 2026, Metaplanet reported an unrealized loss of approximately $1.5 billion on its Bitcoin holdings.
- •Metaplanet’s Bitcoin Income Generation business produced about $10.85 million in revenue during the second quarter of 2026.
What remains to be seen
It remains unclear whether Metaplanet will continue expanding its Bitcoin treasury after June 30, 2026, given that as of that date the company reported an unrealized loss of roughly $1.5 billion on its 43,000 BTC holdings and total debt and preferred stock accounted for about 23% of the net asset value.
