Metaplanet Quietly Crosses 43K BTC, Now Officially the Third Musk-et of Corporate Treasuries 🚀

Tokyo-listed Metaplanet (3350) disclosed the purchase of 2,823 BTC during the second quarter of 2026, lifting its total holdings to exactly 43,000 BTC, valued at roughly $2.6 billion at the end of June. The acquisition, announced Thursday, cements the Japanese investment firm as the world's third-largest publicly traded corporate Bitcoin holder, trailing only Strategy (MSTR) and Twenty One Capital (XXI) according to Bitcoin Treasuries data. Metaplanet now holds more BTC than MARA Holdings' 36,300 BTC, and sits roughly 500 BTC behind Twenty One Capital's 43,500 BTC. Michael Saylor congratulated the company on X, writing: "Congrats to Metaplanet on reaching ₿43,000 and becoming the #3 corporate Bitcoin treasury in the world. You are proving that the Bitcoin treasury strategy is global."

The firm acquired the latest tranche at an average price of about ¥12.71 million ($88,300) per coin, lowering its average acquisition cost from $107,700 to $106,500 per BTC. Including income from its Bitcoin Generation business, the effective purchase price dropped to around ¥12.09 million ($77,000) per Bitcoin. Total cumulative investment stands at roughly ¥659.25 billion ($4.2 billion), with an average cost basis of ¥15.33 million ($102,500) per BTC. CEO Simon Gerovich confirmed on X that total holdings reached 43,000 BTC, posting: "Metaplanet acquired an additional 2,823 BTC in Q2. Total holdings: 43,000 BTC. Still climbing. Never stopping."

Metaplanet's Bitcoin Income Generation business, which earns premiums by selling cash-secured puts and other options strategies against its holdings, generated approximately $10.85 million (¥1.747 billion) in Q2 operating revenue. First-half FY2026 revenue for the segment reached about $29.30 million (¥4.717 billion), with trailing 12-month revenue totaling roughly ¥11.4 billion. The company also reported a BTC Yield of 6.6% for the quarter ended June 30, 2026, a key performance metric that measures growth in Bitcoin per share. Metaplanet valued the 43,000 BTC at roughly ¥409 billion ($2.5 billion) as of June 30, reflecting an unrealized loss of about $1.5 billion against its cumulative cost.

The pace of accumulation has cooled noticeably. Metaplanet added 17,473 BTC in Q3 2025, followed by roughly 5,000 BTC in Q4 2025 and slightly over 5,000 BTC in Q1 2026, before the 2,823 BTC added in Q2. Bitcoin fell more than 20% over the quarter, closing June near $58,800 per CoinGecko data. The company funded the buying through credit facilities, ordinary bonds, and the Bitcoin Income Generation revenue, issuing new common shares only when its market capitalization stayed above the value of its Bitcoin holdings. Total debt and preferred stock represent approximately 23% of BTC net asset value.

Metaplanet remains committed to long-term targets of 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027, though the firm has faced headwinds, including a $725 million first-quarter loss and the delay of a preferred-share sale. The company has expanded its Bitcoin-related operations, standing up a venture-investment arm and acquiring a Japanese securities firm to build Bitcoin-linked yield products. Meanwhile, other corporate treasury participants are moving in the opposite direction. Nasdaq-listed South Korean company K Wave Media sold its remaining 88 BTC in Q2 to repay $6 million in debt, exiting the Bitcoin treasury strategy after previously announcing plans to expand holdings to 10,000 BTC. France-based semiconductor firm Sequans Communications also said on May 28 it would monetize its remaining 658 BTC over time, with shares rising about 14.5% following the announcement. Riot Platforms offloaded 500 BTC, worth roughly $30 million, to fund an AI expansion. Metaplanet shares closed 3.5% higher at ¥207 ($1.28) on Thursday, though the stock remains down 48% year-to-date as Bitcoin has fallen 31% over the same period.