Metaplanet Inc. disclosed on July 2 that it added 2,823 Bitcoin in the second quarter of 2026, bringing its total holdings to 43,000 BTC at an aggregate cost of 659.256 billion yen. The Tokyo Stock Exchange-listed company spent 35.886 billion yen on the purchases during the quarter, at an average price of 12,712,055 yen per coin.

The quarterly additions raised the company's total Bitcoin balance from 40,177 BTC as of March 31 to 43,000 BTC as of June 30. The lower average purchase price in the quarter reduced Metaplanet's overall average acquisition cost from 15,515,598 yen to 15,331,542 yen per Bitcoin across its full treasury. The 43,000 BTC is valued at approximately 409.0 billion yen based on the June 30 closing price on bitFlyer.

Metaplanet's Bitcoin Income Generation business, which uses options and related strategies to generate yield against its treasury, produced $10.95 million, equivalent to 1.747 billion yen, in revenue during Q2. Applying that income against the quarter's purchase amount brings the effective acquisition cost down to 34.138 billion yen, or approximately 12,093,091 yen per Bitcoin. Revenue from the business has declined in each quarter from its fourth-quarter FY2025 peak of 4.242 billion yen, falling to 2.969 billion yen in Q1 FY2026 and 1.747 billion yen in Q2.

Metaplanet's BTC Yield, the company's key performance indicator that measures the percentage change in the ratio of total Bitcoin holdings to effective diluted shares outstanding, reached 6.6% for the quarter. That translated to a BTC Gain of 2,637 coins and a BTC yen gain of 25.082 billion yen for the period.

Q2 funded through debt and bonds rather than share issuance

Metaplanet funded its second-quarter Bitcoin purchases primarily through borrowings under its credit facilities, the issuance of ordinary bonds, and Bitcoin Income Generation revenue. The company did not issue new common stock to fund Bitcoin acquisitions during the quarter, unlike in earlier periods where equity raises played a larger role. The only share issuance in Q2 came from the exercise of 5,270,000 shares under the 27th Series Stock Acquisition Rights, which occurred when the applicable mNAV exercise condition was met.

As of June 30, the company's capital structure included approximately 8.0 billion yen in non-interest-bearing yen-denominated ordinary bonds, approximately 67.2 billion yen in foreign-currency-denominated debt, and 4.9% MERCURY dividend convertible preferred stock with an aggregate notional amount of 23.61 billion yen.

The company has set a target of holding 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027, the latter equal to approximately 1% of Bitcoin's fixed supply. Reaching the year-end target requires Metaplanet to acquire roughly 57,000 additional BTC in the remaining months of 2026.

Stock under pressure as CEO flags potential buybacks

Despite the continued accumulation, Metaplanet's shares have fallen nearly 49% year-to-date, according to Google Finance data. 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 clarified those comments were not a formal buyback announcement.

The mNAV ratio, which compares Metaplanet's market capitalization to the value of its Bitcoin asset base, has been a central point in discussions about the company's valuation. Several other corporate Bitcoin treasury vehicles have traded below the value of their holdings in 2026, a dynamic that has prompted consolidation activity across the sector.

Siiibo Securities acquisition to close in July

Alongside the Q2 Bitcoin disclosure, Metaplanet previously announced a 2.1 billion yen agreement to acquire Siiibo Securities, a Japanese securities firm. The transaction is expected to close on July 13, after which Siiibo Securities will be renamed Metaplanet Securities. The company described the deal as the first major acquisition under Project Nova, its plan to build a Bitcoin-focused financial services ecosystem in Japan.

The acquisition gives Metaplanet control of a Type I Financial Instruments Business Operator license in Japan, which the company said it intends to use to develop Bitcoin-linked investment products and yield-focused financial offerings for Japanese investors. Metaplanet has also indicated it is pursuing Japan's first listed perpetual preferred share product alongside systems for recurring dividend distributions tied to its Bitcoin strategy.

Metaplanet has held no Bitcoin since before April 2024. Its first purchase of 97.850 BTC was recorded on April 23, 2024, at a cost of 1 billion yen.

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