Metaplanet’s $170.7M buy pushes BTC stack to 43,000, flips MARA for global #3 spot
Q2 purchase lifts Metaplanet's holdings to 43,000 BTC (~$2.6B), average cost $80K/coin, BTC Yield hits 6.6%, debt at 23% of NAV.
Metaplanet added 2,823 BTC for roughly $170.7 million during Q2 2026, crossing the 43,000 BTC threshold on July 2 and pushing its total treasury value to approximately $2.6 billion (409 billion yen) as of June 30. The Tokyo-listed firm (ticker 3350) now ranks as the world’s third-largest corporate Bitcoin holder, displacing MARA Holdings and trailing only Strategy and Twenty One Capital.
Acquisition math and the yield business
The quarter’s average buy-in came to roughly 12.71 million yen (~$80,000) per BTC. Metaplanet’s Bitcoin Income Generation unit, which writes options against the holdings for recurring cash flow, produced 1.75 billion yen ($10.85 million) in operating revenue this quarter — lowering the effective per-coin cost to around 12.09 million yen (~$77,000) once that income is netted in.
That segment has generated roughly 4.72 billion yen in first-half revenue and about 11.4 billion yen on a trailing 12-month basis. Across all purchases to date, Metaplanet’s total BTC investment stands near 659.25 billion yen (~$4.2 billion), for a blended average cost basis of 15.33 million yen (~$102,500) per coin.
Balance-sheet positioning
The company reported a BTC Yield — its metric for tracking Bitcoin holdings growth per share — of 6.6% for the quarter ended June 30, 2026. Debt and preferred stock together account for roughly 23% of the net asset value of Metaplanet’s Bitcoin position, a leverage ratio that leaves headroom for further accumulation without immediate balance-sheet strain.
Shares closed 3.5% higher at 207 yen (~$1.28) on Thursday following the disclosure, a modest but positive market reaction relative to the size of the purchase.
Where Metaplanet sits in the corporate ranking
Per Bitcoin Treasuries data, Strategy remains the largest corporate holder with more than 847,000 BTC, with Twenty One Capital in second. Metaplanet’s 43,000 BTC now places it ahead of MARA Holdings in the global corporate-treasury tally.
Strategy chairman Michael Saylor acknowledged the milestone on X: “Congrats to Metaplanet on reaching ₿43,000 and becoming the #3 corporate Bitcoin treasury in the world. You are proving that the Bitcoin treasury strategy is global.”
Metaplanet has built its position since adopting a Bitcoin-treasury model in 2024, with CEO Simon Gerovich relying on a mix of equity issuance, debt instruments and options-based structures. The company frames this financing mix as a way to limit shareholder dilution typically associated with large-scale corporate BTC accumulation.
Read more: How BlackRock, Fidelity and Wall Street Embraced Bitcoin: An Explainer
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