Metaplanet's 43,000-BTC Stack: Third Rock From the Saylor Sun 🪨

Japanese investment company Metaplanet acquired 2,823 BTC during the second quarter, lifting its corporate treasury to 43,000 BTC and cementing the firm as the world's third-largest publicly traded holder of bitcoin, behind only Strategy (MSTR) and Twenty One Capital (XXI), according to data tracked by Bitcoin Treasuries. The latest purchase cost roughly ¥35.9 billion (~$222 million) at an average price of about ¥12.71 million (~$88,300) per coin, bringing the firm's average acquisition cost to approximately $106,500 per BTC, down from $107,700 prior to the trade. Metaplanet now holds 43,000 bitcoin acquired for about $4.5 billion in total.

The Tokyo-listed company (3350) reported Q2 revenue of approximately ¥1.747 billion (~$10.85 million) from its Bitcoin Income Generation business, which sells cash-secured options and employs other bitcoin-related yield strategies. First-half FY2026 revenue for the segment reached ¥4.717 billion (~$29.30 million), while trailing 12-month revenue totaled approximately ¥11.4 billion. For the quarter ended June 30, 2026, Metaplanet reported a BTC Yield of 6.6%.

The acquisition marks Metaplanet's smallest quarterly purchase in a year, down sharply from the 17,473 BTC it accumulated in Q3 2025. The firm remains on a stated path to 100,000 BTC by year-end 2026 and 210,000 BTC by the end of 2027. Its 43,000 BTC were valued at approximately ¥409 billion (~$2.5–2.6 billion) as of June 30, below the ¥659.25 billion (~$4.07–4.2 billion) aggregate cost basis, an unrealized loss of roughly $1.5 billion with bitcoin closing June near $58,800 per CoinGecko data. Total debt and preferred stock represent about 23% of BTC net asset value.

Strategy executive chairman Michael Saylor acknowledged the milestone on X, writing "Congrats to Metaplanet on reaching ₿43,000 and becoming the #3 corporate Bitcoin treasury in the world," adding that Metaplanet is proving the Bitcoin treasury strategy is now genuinely global. Metaplanet shares closed 3.5% higher at ¥207 ($1.28) on Thursday, while the firm's U.S. OTC-listed stock MTPLF rose 2.4% Wednesday to $1.27; MTPLF year-to-date performance remains down 48%, compared with bitcoin's 31% decline over the same period.

Metaplanet funded the latest buying primarily through credit facilities and ordinary bonds rather than equity, issuing new common shares only when market value stayed above its bitcoin NAV. The company also recently posted a $725 million first-quarter loss and delayed a preferred-share sale. Strategy, the largest corporate bitcoin holder with more than 847,000 BTC, said this week it could sell up to $1.25 billion of bitcoin to shore up cash and would halt common-share issuance for purchases unless trading at a premium, after its mNAV recently slipped to 0.99. Elsewhere, Nasdaq-listed South Korean company K Wave Media sold its remaining 88 BTC to repay $6 million in debt and exited its bitcoin treasury strategy, according to a Tuesday SEC filing, reversing a July 2025 plan to expand holdings to 10,000 BTC backed by $1 billion in capital capacity; France-based Sequans Communications said on May 28 it would monetize its remaining 658 BTC over time, sending shares up about 14.5%.