Metaplanet slowed its bitcoin buying in Q2 but kept accumulating, adding 2,823 BTC and lifting its total stash to 43,000 coins, the Japanese investment company said in a June disclosure. The purchases cost roughly ¥35.9 billion (about $222 million), implying an average buy price near $78,608 per BTC — and marking Metaplanet’s smallest quarterly buy in a year.
The slowdown is striking compared with the firm’s aggressive prior pace: Metaplanet bought 17,473 BTC in Q3 2025. Despite the cooling, management still cites ambitious targets — 100,000 BTC by end-2026 and 210,000 by end-2027 — goals that look harder to reach given the recent pullback.
The firm’s balance sheet shows why buying has become more cautious. Metaplanet values its 43,000 BTC at about ¥409 billion ($2.5 billion) as of June 30, well below the ¥659 billion ($4.07 billion) it paid, leaving an unrealized loss of roughly $1.5 billion. Bitcoin itself dropped more than 20% over the quarter, closing June near $58,800 (CoinGecko).
To fund purchases, Metaplanet relied more on borrowing — tapping credit facilities and issuing ordinary bonds — while also generating about $10.95 million from a “Bitcoin Income Generation” options program. The company has issued new common shares only when its market capitalization exceeded the value of its bitcoin holdings. That distinction matters for so-called treasury businesses: they depend on trading at a premium to their net asset value (mNAV) so they can sell equity to buy more bitcoin without diluting existing shareholders. As that premium evaporates across the sector, equity-funded accumulation becomes a losing proposition.
Metaplanet is not alone in feeling the squeeze. Strategy, the pioneering bitcoin treasury firm, recently said it could sell up to $1.25 billion of bitcoin to shore up liquidity and would halt equity raises to buy more unless it trades at a premium after its mNAV slipped to 0.99. Metaplanet has faced similar pressure.
Even as buying eases, Metaplanet has broadened its bitcoin business: it launched a venture arm, acquired a Japanese securities firm to develop bitcoin-linked yield products, posted a ¥??? (reported) $725 million first-quarter loss, and delayed a planned preferred-share sale. (Note: the Q1 loss was reported by the company; the preferred-share sale postponement was disclosed alongside its filings.) Market reaction has been muted: Metaplanet’s U.S. OTC stock (MTPLF) ticked up 2.4% to $1.27 on Wednesday ahead of the filing, and its Tokyo-listed shares (3350) closed Thursday at ¥207 ($1.28).
Bottom line: Metaplanet remains committed to stacking sats, but mounting unrealized losses, a weaker BTC price and shrinking mNAV premiums are forcing a more conservative capital strategy — making its 2026–27 accumulation targets more aspirational than inevitable.
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