Metaplanet expands Bitcoin treasury despite market downturn

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Metaplanet expands Bitcoin treasury

Highlights

Metaplanet bought 2,823 BTC in the second quarter.
Total holdings rose to 43,000 BTC as of June 30.
The quarter’s average purchase price was ¥12.7 million per Bitcoin.
The company generated $10.95 million from Bitcoin income generation.

A larger Bitcoin treasury

Metaplanet said it spent ¥35.886 billion on Bitcoin during the quarter, paying an average of ¥12,712,055 per coin. The purchases increased its holdings from 40,177 BTC at the end of March to 43,000 BTC as of June 30.

The company’s total Bitcoin cost basis now stands at ¥659.256 billion, with an average purchase price of ¥15,331,542 per Bitcoin. That average declined from ¥15,515,598 at the end of March because the second-quarter purchases were made below the company’s existing average cost.

Metaplanet also reported $10.95 million, or ¥1.747 billion, in revenue from its Bitcoin Income Generation program during the quarter. The company said the program uses Bitcoin options and related strategies as part of its treasury framework. After applying that revenue against the quarter’s purchases, Metaplanet calculated an effective acquisition amount of ¥34.138 billion, or about ¥12,093,091 per Bitcoin.

Accumulation slows after earlier buying

The latest quarter shows that Metaplanet is still buying, but at a slower pace than before. The company held 13,350 BTC at the end of June 2025, 30,823 BTC at the end of September, 35,102 BTC at the end of December, and 40,177 BTC at the end of March 2026.

Metaplanet reported a quarterly BTC yield of 6.6%, up from 2.8% in the previous quarter but well below the much larger gains recorded during its earlier buildup. The company describes BTC Yield as a measure of the change in Bitcoin holdings relative to effective diluted shares outstanding, not as a traditional profit or liquidity metric.

Funding also shifted during the quarter. Metaplanet said it financed Bitcoin treasury operations mainly through borrowings under credit facilities, ordinary bonds and revenue from the Bitcoin Income Generation business, rather than issuing common stock. The company issued 5.27 million common shares through the exercise of stock acquisition rights but said it did not otherwise issue common stock to fund Bitcoin purchases during the quarter.

The risk behind a bigger Bitcoin balance sheet

Metaplanet’s disclosure matters because its strategy makes the company increasingly tied to Bitcoin’s price. As of June 30, it valued its 43,000 BTC at about ¥409 billion, while its aggregate purchase cost was ¥659.256 billion.

That gap shows the pressure created by a weaker crypto market. Bitcoin prices fell sharply in June, ending the month below $59,000 after starting near $74,000. Metaplanet’s long-term targets remain ambitious, with the company planning to accumulate 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The strategy could increase Bitcoin exposure per share if prices recover, but it also exposes shareholders to risks linked to volatility, debt, and equity dilution.

We have previously highlighted that Metaplanet exits the S&P Japan index as the Bitcoin treasury strategy faces pressure.

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