Metaplanet Adds 2,823 Bitcoin in Q2 as Buying Pace Cools
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- Metaplanet acquired 2,823 BTC in Q2 for about $222 million (¥35.9 billion), lifting total holdings to 43,000 BTC — its smallest quarterly purchase in a year, down from 17,473 BTC in Q3 2025.
- Metaplanet is sitting on roughly $1.5 billion in unrealized losses, with its 43,000 BTC valued at about $2.5 billion versus the $4.07 billion it paid.
- Bitcoin fell more than 20% over the quarter, closing June near $58,800 per CoinGecko data.
- Metaplanet funded the Q2 buying mostly through debt and a $10.95 million "Bitcoin Income Generation" options-selling program rather than issuing new common shares, only tapping equity when its market value stayed above its Bitcoin holdings.
- Metaplanet is still targeting 100,000 BTC by end of 2026 and 210,000 by end of 2027, goals the source notes "look more distant" as buying cools.
- Strategy, the sector's largest Bitcoin treasury firm, said this week it could sell up to $1.25 billion of Bitcoin and would stop issuing common shares to buy BTC unless its mNAV returns above 1.0 (it recently slipped to 0.99).
- MTPLF (Metaplanet's U.S. OTC shares) rose 2.4% to $1.27 on Wednesday ahead of the filing, while Tokyo-listed shares (3350) closed Thursday at ¥207.
Why it matters: The pivot from equity to debt funding — at both Metaplanet and Strategy — signals the Bitcoin treasury playbook is breaking down: when mNAV erodes to or below 1.0, issuing shares to buy more Bitcoin becomes self-defeating, forcing these firms to either lever up or, like Strategy, contemplate actual BTC sales.
