Japanese investment firm Metaplanet added 2,823 Bitcoin during Q2, spending about $222 million at roughly $78,608 per coin. That brings its total stash to 43,000 BTC. Not bad for a company that started piling on the crypto just a couple years ago.
But here’s the thing—it was their smallest quarterly purchase in a year. Way down from the 17,473 BTC they scooped up in Q3 2025. Metaplanet’s still chasing those sky-high targets: 100,000 BTC by end of 2026 and 210,000 by end of 2027. At this pace? Those goals look pretty distant.
The holdings are deep in the red too. Metaplanet valued its 43,000 BTC at about $2.5 billion as of June 30. That’s well below the $4.07 billion it paid. An unrealized loss of roughly $1.5 billion. Bitcoin fell more than 20% over the quarter, closing June near $58,800.
The company funded most of this quarter through debt and Bitcoin options income rather than issuing new shares. Smart move, actually. Treasury firms like Metaplanet need their stock to trade at a premium to their Bitcoin holdings—a gap called mNAV—so they can sell equity and buy more crypto without hurting shareholders. As that premium shrinks across the sector, equity-funded purchases become a losing game.
Metaplanet’s not alone here. Strategy, the OG Bitcoin treasury play, said it could sell up to $1.25 billion in Bitcoin to raise cash and stopped issuing common shares for more buys unless it trades at a premium. Its mNAV recently slipped to 0.99.
Even with the slowdown, Metaplanet’s still expanding. They’ve set up a venture arm and bought a Japanese securities firm to build Bitcoin-linked products. They also posted a $725 million Q1 loss and delayed a preferred-share sale. Stock ticked up 2.4% on the news anyway.
