$84,212.00
4.85%$2,712.21
5.40%$783.31
4.62%$1.49
8.22%$0.999749
0.01%$115.68
7.09%$0.344227
0.54%$1,530.56
6.41%$1.00
0.00%$95.32
4.80%$0.092649
9.52%$578.45
10.92%$85.46
4.58%$0.01411986
6.84%$13.00
8.59%$0.999855
0.00%$0.240101
9.73%$8.93
-0.01%$0.211457
11.63%$4.27
20.99%$8.88
1.12%$266.29
8.56%$11.37
16.61%$0.999783
0.01%$60.16
5.74%$0.117212
13.86%$0.999466
-0.00%$0.999417
23.16%$1.43
4.09%$0.089546
11.55%$1.51
5.91%$0.00000571
6.94%$0.999954
0.01%$0.06408
11.31%$280.05
12.44%$0.999935
0.02%$4,349.99
-0.47%$121.74
5.52%$1.14
0.00%$0.999955
0.01%$1.00
0.00%$0.854894
13.21%$146.28
8.09%$0.222824
9.24%$1.15
0.41%$0.444677
8.67%$0.00446453
11.24%$0.62937
6.36%$0.758164
3.62%$1.19
8.88%$2.81
13.05%$4,344.96
-0.35%$0.058326
0.25%$0.00000418
6.53%$0.072097
6.41%$2.96
7.49%$34.10
20.17%$0.446337
6.65%$0.00000172
0.84%$0.226134
6.59%$0.998467
0.02%$2.05
2.21%$1.16
0.01%$0.999878
0.01%$1.00
-0.03%$8.76
6.02%$0.996184
0.09%$0.999758
0.02%$5.04
6.90%$0.111368
6.46%$10.89
7.22%$0.04128058
6.27%$0.307245
14.34%$0.0444482
-53.31%$0.112593
11.57%$0.089279
5.68%$7.27
2.06%$106.54
0.00%$66.67
5.06%$1.79
5.93%$0.112312
-1.47%$1.77
17.66%$0.864519
4.16%$0.987152
3.96%$2.53
3.05%$1.22
0.01%$7.80
-0.01%$1.05
0.05%$59.24
6.61%$0.00872563
6.35%$11.22
0.00%$0.751498
8.05%$0.998915
-0.00%$0.02579487
11.00%$0.681878
5.71%$0.769284
7.10%$0.334284
6.24%$2.15
6.63%$0.00683682
6.25%$0.02904065
4.94%$0.357924
7.29%$0.998863
0.01%$0.00827964
8.71%$0.999768
0.01%$0.514387
5.18%$1.86
8.96%$0.063746
10.75%$0.999769
0.05%$0.999654
0.03%$2.73
5.95%$1.73
5.52%$1.15
-0.12%$0.01182112
-0.59%$0.499375
11.13%$0.698515
9.45%$0.191242
13.36%$0.075997
0.18%$0.00748684
2.68%$1.22
14.70%$0.624117
8.60%$0.430585
4.66%$0.06039
27.73%$0.12811
-0.59%$0.0240511
1.68%$0.393392
4.93%$0.348328
2.59%$0.437065
8.86%$17.88
7.35%$1.12
0.03%$0.04724603
3.72%$0.138622
-16.96%$0.00000034
2.39%$1.11
-9.79%$139.03
-1.45%$0.01718818
0.86%$116.61
0.00%$0.999226
-0.01%$0.99918
0.05%$0.982143
0.36%$17.65
1.78%$117.37
0.23%$4.72
9.62%$0.999843
-0.00%$0.00005526
9.10%$0.02560804
10.58%$20.16
0.90%$0.129123
6.42%$0.355097
32.86%$0.00000325
10.38%$0.118697
5.60%$0.285733
16.06%$0.054046
10.68%$6.66
9.40%$1.10
0.04%$0.277122
7.35%$0.23306
8.60%$0.270117
8.15%$0.514489
4.81%$0.09707
7.79%$0.00002709
7.72%$1.014
-7.66%$0.00000123
1.26%$0.370868
4.97%$0.02293395
13.26%$66.34
-1.04%$0.591534
4.92%$0.09566
12.22%$0.00000024
0.48%$0.23583
19.06%$0.9998
0.02%$69.11
1.35%$0.999626
0.01%$0.04827966
5.04%$0.224175
6.81%$0.240714
8.51%$22.22
6.97%$0.874252
19.98%$0.992404
0.13%$0.998027
-0.16%$0.212595
8.06%$0.211377
4.14%$0.603154
8.16%$0.00423233
6.92%$0.00202571
6.91%$1.00
0.00%$0.03152611
7.79%$21.16
0.01%$0.02497946
10.48%$0.597781
11.15%$0.03489798
30.59%$2.07
9.73%$1.15
-0.16%$0.643732
19.00%$0.186046
155.65%$1.063
7.85%$0.187349
24.00%$0.999102
0.01%$3.06
11.57%$0.18107
10.47%$0.190491
13.46%$1.021
0.00%$0.051674
6.97%$2.50
6.80%$1.37
0.40%$1.91
4.37%$0.173146
1.44%$1.051
-0.91%$0.085578
7.37%$1.096
0.00%$0.00422837
4.28%$0.01571095
7.16%$0.164907
-1.78%$0.04373689
2.03%$0.00000813
5.95%$1.00
0.00%$0.12523
18.76%$0.00160988
9.97%$1,850.82
-2.45%$0.349146
7.01%$0.319472
-0.08%$0.03948131
14.79%$0.30634
8.13%$0.091534
6.39%$0.998263
-0.04%$0.268182
8.51%$0.366505
1.13%$0.981764
2.84%$7.98
5.39%$98.39
-6.90%$0.102447
7.18%$0.142868
6.00%$0.235228
7.53%$0.068448
-5.26%$0.01883434
9.30%$1.00
0.00%$0.00628859
0.20%$8.58
6.40%$0.01844129
-3.82%$0.149326
11.32%$4.24
17.13%$0.999511
0.01%$0.534501
33.12%$0.00636045
-0.22%$0.130979
0.30%$0.03894975
0.64%$0.01201411
1.27%$0.371369
10.98%$5.47
1.04%
Japanese investment firm Metaplanet added 2,823 Bitcoin during the second quarter, it said in a Thursday disclosure, spending just shy of ¥35.9 billion ($222 million) to lift its total stash to 43,000 BTC.
That works out to around $78,608 per Bitcoin, and it was the company's smallest quarterly purchase in a year, down sharply from the 17,473 BTC it accumulated in the third quarter of 2025. Metaplanet is still chasing targets of 100,000 BTC by the end of 2026 and 210,000 by the end of 2027, goals that look more distant as its buying cools.
Metaplanet acquired an additional 2,823 BTC in Q2. Total holdings: 43,000 BTC. Still climbing. Never stopping. pic.twitter.com/1mCRIf1Uf1
— Simon Gerovich (@gerovich) July 2, 2026
The slowdown comes with the firm's holdings deep in the red. Metaplanet valued 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, an unrealized loss of roughly $1.5 billion. Bitcoin fell more than 20% over the quarter, closing June near $58,800, per CoinGecko data.
Metaplanet leaned on borrowing rather than its stock to fund the buying, tapping credit facilities and ordinary bonds alongside $10.95 million in revenue from a "Bitcoin Income Generation" program that sells options against its holdings. It issued new common shares only when its market value stayed above the value of its Bitcoin.
That distinction matters for treasury companies, whose model hinges on trading at a premium to their crypto, a gap known as mNAV, so they can sell stock and buy more Bitcoin without diluting shareholders. As that premium erodes across the sector, funding purchases with equity turns into a losing trade.
Metaplanet is not alone. Strategy, the Bitcoin treasury firm that wrote the playbook, said this week it could sell up to $1.25 billion of Bitcoin to shore up cash, and would stop issuing common shares to buy more unless it trades at a premium, after its mNAV recently slipped to 0.99.
Metaplanet has felt the same squeeze. Even as its buying slows, it has kept expanding its Bitcoin business, standing up a venture-investment arm and acquiring a Japanese securities firm to build Bitcoin-linked yield products. It also recently posted a $725 million first-quarter loss and delayed a preferred-share sale.
Metaplanet's U.S. OTC-listed stock, MTPLF, rose 2.4% on Wednesday to $1.27, a full session ahead of the filing, while its Tokyo-listed shares (3350) closed Thursday at ¥207 ($1.28).
