Metaplanet has added 2,823 Bitcoin to its treasury, raising its total holdings to 43,000 BTC while second-quarter revenue from its Bitcoin income business fell.
Summary
- Metaplanet bought 2,823 more Bitcoin, raising its total holdings to 43,000 BTC at an average overall cost of 15.3 million yen per coin.
- The company’s Bitcoin income business generated ¥1.747 billion in Q2 FY2026, down about 41% from the previous quarter.
- The latest purchase came as Metaplanet’s stock remained under pressure near its 52 week low, keeping investor focus on its Bitcoin NAV and capital strategy.
According to Metaplanet’s July 2 disclosure, the Tokyo-listed company purchased 2,823 BTC at an average price of 12.7 million yen per coin, lifting its total Bitcoin balance to 43,000 BTC. The company said its overall average purchase price now stands at 15.3 million yen per Bitcoin.
The latest purchase keeps Metaplanet among the largest public corporate holders of Bitcoin, alongside companies such as Strategy and Twenty One Capital. The company had ended the first quarter with 40,177 BTC, bought for roughly $4.18 billion at an average cost of $104,000 per coin.
Bitcoin income revenue slows in Q2
Alongside the new Bitcoin purchase, Metaplanet disclosed that its Bitcoin Income Generation business recorded ¥1.747 billion in operating revenue for the second quarter of the fiscal year ending December 31, 2026. The figure was down from ¥2.969 billion in the first quarter and far below the ¥4.242 billion recorded in the fourth quarter of FY2025.
The second-quarter result represented a decline of roughly 41% from the previous quarter and nearly 59% from the Q4 FY2025 peak, based on the company’s disclosed figures. First-half FY2026 revenue from the business stood at ¥4.717 billion.
On a trailing-twelve-month basis, Metaplanet reported ¥11.396 billion in Bitcoin Income Generation revenue, up from ¥10.780 billion in the previous quarter. The company uses the trailing-twelve-month figure to present the business over a longer period rather than through a single quarter.
The income business has become a closely watched part of Metaplanet’s Bitcoin strategy because the company has used Bitcoin options as part of its treasury operations. The latest numbers show weaker quarterly revenue even as the longer-period figure remained higher than the previous quarter.
Metaplanet has set a long-term target of holding 210,000 BTC by the end of 2027, equal to about 1% of Bitcoin’s fixed supply. At the end of June, the company said it planned to accumulate roughly 170,000 more Bitcoin to reach that target, including the latest purchase.
The company has continued adding Bitcoin even as its stock has come under pressure in recent weeks and was seen touching a 52-week low.
The valuation debate has centered on Metaplanet’s mNAV ratio, which compares the company’s market value with the value of its Bitcoin-backed asset base.
In comments published on June 9, CEO Simon Gerovich said management would strongly consider common share buybacks if the company traded below the value of its underlying Bitcoin holdings, though he said the comments were not a formal buyback announcement.
Beyond Bitcoin accumulation
Metaplanet is also moving to build services around its Bitcoin treasury. In a June 12 announcement, the company said it agreed to acquire Siiibo Securities for JPY 2.1 billion and convert the Japanese securities firm into a wholly owned subsidiary. The transaction is expected to close on July 13, after which Siiibo Securities will be renamed Metaplanet Securities.
Company documents described the deal as the first major acquisition under Project Nova, Metaplanet’s plan to build a Bitcoin-focused financial services ecosystem. The acquisition gives Metaplanet control of a Type I Financial Instruments Business Operator in Japan, which the company plans to use for Bitcoin-linked investment products and yield-focused offerings.
Metaplanet has also said it is pursuing Japan’s first listed perpetual preferred share product while building systems for recurring dividend distributions. The company has previously identified preferred shares, additional fundraising, and possible buybacks as capital allocation tools tied to its Bitcoin strategy.
