Japanese investment firm Metaplanet purchased 2,823 Bitcoin during the second quarter of 2026, spending approximately 35.9 billion yen ($222 million) to lift its total holdings to 43,000 BTC, according to a Thursday disclosure filed by the company.
The average acquisition price came to roughly $78,608 per Bitcoin. The quarter represented the company’s smallest purchase volume in a year, down sharply from the 17,473 BTC Metaplanet accumulated in the third quarter of 2025.
Holdings Deep in the Red
The slowdown arrives as Metaplanet’s bitcoin stack sits well below its cost basis. The firm valued its 43,000 BTC at approximately 409 billion yen ($2.5 billion) as of June 30, against total acquisition costs of 659 billion yen ($4.07 billion), leaving an unrealized loss of roughly $1.5 billion. Bitcoin fell more than 20% over the quarter, closing June near $58,800.
Despite the pace cooling, Metaplanet CEO Simon Gerovich posted on X: ‘Metaplanet acquired an additional 2,823 BTC in Q2. Total holdings: 43,000 BTC. Still climbing. Never stopping.’ The firm continues to target 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027, goals that look increasingly distant at the current acquisition rate.
Metaplanet’s Funding Strategy
Rather than issuing new equity to fund purchases, Metaplanet leaned primarily on debt during Q2. The firm tapped credit facilities and ordinary bonds, and generated $10.95 million in revenue through a ‘Bitcoin Income Generation’ program that sells options against its existing holdings. New common shares were issued only when the company’s market value stayed above the value of its Bitcoin stack.
The distinction is critical for Bitcoin treasury companies. Their business model depends on trading at a premium to net asset value, known as mNAV, which allows them to sell stock and buy more Bitcoin without diluting existing shareholders. As that premium compresses across the sector, funding purchases through equity issuance becomes economically unfavourable.
Treasury Firms Hit the Brakes Sector-Wide
Metaplanet is not alone in pulling back. Strategy, the Bitcoin treasury firm whose playbook Metaplanet has closely followed, said this week it could sell up to $1.25 billion of Bitcoin to shore up cash and would stop issuing common shares to fund additional purchases unless it trades at a premium. Strategy’s mNAV recently slipped to 0.99, briefly putting it below its Bitcoin holdings in value terms.
Even as Metaplanet’s buying slows, the company has continued to expand its broader Bitcoin business. It has launched a venture-investment arm, acquired a Japanese securities firm for approximately $13 million to build Bitcoin-linked yield products, and recently reported a $725 million first-quarter loss while also delaying a planned preferred-share sale.
Metaplanet’s U.S. OTC-listed stock, ticker MTPLF, rose 2.4% on Wednesday to $1.27 in the session ahead of the filing. Its Tokyo-listed shares, trading under ticker 3350, closed Thursday at 207 yen ($1.28).
