According to latest reports, Metaplanet has officially reached the 43,000 BTC milestone on July 2, cementing its position as the world's third largest corporate Bitcoin holder globally. The Tokyo-based company purchased 2,823 Bitcoin during the second quarter of 2026 at an average price of 12.71 million yen (~$80,000) per Bitcoin, bringing its total Bitcoin investment to approximately 659.25 billion yen (~$4.2 billion). The effective purchase price dropped to around 12.09 million yen (~$77,000) per Bitcoin thanks to income from its Bitcoin Generation business, which generated $10.95 million in Q2 revenue. This latest achievement has solidified Japan's rising role in the corporate Bitcoin accumulation race, with the company now trailing only Strategy and Twenty One Capital in the global corporate holder ranking. The purchase was executed at an average price meaningfully below the company's overall average acquisition cost of 15.33 million yen per BTC, representing a significant improvement in unit economics.
The company's Bitcoin Income Generation business delivered mixed results with operating revenue of ¥1.747 billion in Q2 FY2026, representing a 41% quarter-over-quarter decline from ¥2.969 billion in Q1. This decline is particularly concerning as it follows a 59% drop from the Q4 FY2025 peak of ¥4.242 billion, marking the second consecutive period of revenue contraction. However, the company is leveraging its trailing-twelve-month performance to smooth optics, with ¥11.396 billion in Bitcoin Income Generation revenue on a trailing-twelve-month basis, up from ¥10.780 billion in the previous quarter. The business uses Bitcoin options to generate recurring cash flow, with the overall average cost basis sitting at 15.33 million yen (~102,500) per BTC. CEO Simon Gerovich has successfully used equity offerings, debt instruments, and options strategies to accumulate BTC since adopting the strategy in 2024.
The corporate Bitcoin leaderboard now shows Strategy leading with holdings exceeding 847,000 BTC, followed by Twenty One Capital in second place. Metaplanet now ranks third globally, surpassing other major players including MARA Holdings. The company's balance sheet remains robust with total debt and preferred stock representing only about 23% of Bitcoin's net asset value, providing substantial room to continue accumulating. CEO Simon Gerovich has indicated management would "strongly consider common share buybacks if the company traded below the value of its underlying Bitcoin holdings," though he clarified these were not a formal buyback announcement. The stock has been trading near a 52-week low, with the mNAV ratio becoming the central focus of debate among investors watching the corporate Bitcoin treasury space. The company still needs to accumulate roughly 170,000 more Bitcoin to reach its stated long-term target of 210,000 BTC by end-2027, representing less than a quarter of the journey toward its goal.
Beyond Bitcoin accumulation, Metaplanet is building services around its treasury through strategic acquisitions. On June 12, the company announced it had agreed to acquire Siiibo Securities for JPY 2.1 billion and convert the Japanese securities firm into a wholly owned subsidiary, expected to close on July 13. The acquisition gives Metaplanet a Type I Financial Instruments Business Operator license in Japan, which the company plans to use for Bitcoin-linked investment products and yield-focused offerings. This represents the first major acquisition under Project Nova, Metaplanet's plan to build a Bitcoin-focused financial services ecosystem. The regulatory license provides a direct channel for Bitcoin-linked investment products, a meaningful structural addition for a company whose BTC yield was 568% for full-year FY2025. The acquisition comes as Bitcoin is staging a rally, with the cryptocurrency reclaiming $60,000 and currently trading around $61,400, with trading volume surging to $44.5 billion representing a 15% increase.
The broader corporate Bitcoin treasury sector has shown mixed demand patterns in the first half of 2026. Metaplanet's latest acquisition of 2,823 BTC represents a significant slowdown from previous quarters, with the company purchasing only 5,000 BTC in Q4 2025 and slightly over 5,000 BTC in Q1 2026. Assuming Metaplanet adds another 10,000 BTC in the next two quarters, this would reach 53,000 BTC, falling short of its 100,000 BTC target by end-2026. Industry-wide, public firms added over 80,000 BTC in the first quarter, with demand peaking in April before tapering to 46,000 BTC in May and falling to only 7,000 BTC by June as Bitcoin struggled to hold above $60,000. Notable examples include MARA offloading 500 BTC worth $30 million to double down on AI investments, while K Wave Media sold its entire 88 BTC holdings to repay $6 million debt in Q2.
