Metaplanet expanded its Bitcoin holdings in the second quarter, adding 2,823 BTC and bringing its total to 43,000 BTC, even as prices declined sharply during the period.
bitcoin purchases slow as holdings grow
The Tokyo-listed company spent about 35.9 billion yen, or $222 million, on its latest acquisition, according to a recent filing. Its average purchase price for the quarter stood at 12.7 million yen, or $78,608 per bitcoin.
Cumulatively, Metaplanet has deployed 659.2 billion yen, roughly $4.07 billion, into Bitcoin at an average cost of 15.3 million yen, or $94,792 per coin.
The pace of accumulation slowed compared to previous quarters. The company bought 17,473 BTC in the third quarter of 2025, 4,279 BTC in the fourth quarter, and 5,075 BTC in the first quarter of 2026.
revenue declines in income program
Revenue from its Bitcoin Income Generation program, which uses options strategies tied to Bitcoin, reached $10.95 million in the second quarter. This figure represents a 41% drop from the previous quarter, signaling weaker performance in a key supplementary revenue stream.
expansion into financial services
Earlier in July, Metaplanet said it would acquire Siiibo Securities, a licensed Type I securities firm, for about $13 million. The move is aimed at expanding the distribution of Bitcoin-linked yield products across Japan’s online corporate bond market.
The initiative, internally referred to as “Project Nova,” reflects a shift from passive accumulation toward building a Bitcoin-focused financial services platform. The company is attempting to leverage its holdings to offer yield-generating instruments tied to the asset, targeting Japan’s large pool of cash-heavy household savings.
strategy faces volatile market backdrop
Metaplanet reiterated its target of holding 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. Its continued accumulation comes despite a 20.4% decline in Bitcoin’s price during the second quarter, falling from $73,580 to $58,558. The asset traded at $60,360 early Thursday, up 2.9% over 24 hours.
The broader market remains under pressure, with Bitcoin down more than 50% from its October 2025 peak. The Crypto Fear & Greed Index has recently signaled “extreme fear,” while traders closely watch support levels between $57,000 and $58,000. A break below that range could extend the downturn, while holding it may support a move toward resistance near $62,000.
stock edges higher alongside accumulation
Metaplanet’s shares rose alongside the update, with its Tokyo-listed stock gaining 3.5% to 207 yen, or $1.28. Its U.S. over-the-counter shares climbed 2.42% to $1.27.
long-term strategy under scrutiny
The company’s steady accumulation during a downturn underscores its strategy of treating Bitcoin as a core treasury reserve. At the same time, the decline in income from its options-based program introduces uncertainty around the sustainability of its approach.
Traders are now watching whether Metaplanet’s deeper push into Bitcoin-linked financial products and continued accumulation during market weakness will translate into long-term gains, or if volatility and declining auxiliary revenue will challenge the model.
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