Metaplanet’s Bitcoin Acquisition
In a significant move to bolster its Bitcoin reserves, Metaplanet has recently acquired an additional 2,823 Bitcoin, bringing its total holdings to an impressive 43,000 BTC. This acquisition, disclosed by the Tokyo-listed firm on July 2, involved purchasing the coins at an average price of 12.7 million yen each. Consequently, Metaplanet’s average purchase price has adjusted to 15.3 million yen per Bitcoin.
Position Among Corporate Bitcoin Holders
This latest buy positions Metaplanet among the top public corporate Bitcoin holders, joining the ranks of notable entities like Strategy and Twenty One Capital. Previously, the company ended the first quarter with 40,177 BTC, which were bought for approximately $4.18 billion at an average cost of $104,000 per coin.
Revenue Decline in Bitcoin Income Generation
Despite this aggressive accumulation of Bitcoin, Metaplanet’s revenue from its Bitcoin Income Generation business saw a decline in the second quarter of the fiscal year ending December 31, 2026. The operating revenue for this segment totaled ¥1.747 billion, a sharp reduction from ¥2.969 billion in the first quarter and significantly lower than the ¥4.242 billion reported in the fourth quarter of FY2025. This downturn represents nearly a 41% decrease from the previous quarter and is a staggering 59% decline from its peak in Q4 FY2025.
For the first half of FY2026, revenue from the Bitcoin-related business amounted to ¥4.717 billion. Additionally, over the past twelve months, Metaplanet reported a total of ¥11.396 billion in revenue from this sector, which is an increase from ¥10.780 billion the prior quarter. This metric offers a broader view of the company’s performance rather than focusing solely on single-quarter results.
Future Plans and Strategic Initiatives
The Bitcoin Income Generation aspect of Metaplanet has garnered significant interest due to its incorporation of Bitcoin options in treasury management. While this quarterly drop in revenue is apparent, the extended revenue figures still indicate growth compared to the previous quarter.
Metaplanet has ambitious plans to hold 210,000 BTC by the end of 2027, equating to about 1% of Bitcoin’s total supply. The firm aims to accumulate an additional 170,000 BTC, including the recent purchase, to meet this target.
Despite facing downward pressure on its stock price, which recently hit a 52-week low, Metaplanet continues its Bitcoin investment strategy. The ongoing debate around the company’s mNAV ratio—the market value relative to the underlying Bitcoin assets—has prompted CEO Simon Gerovich to remark on the possibility of share buybacks if the stock trades below the value of Bitcoin holdings.
Enhancements in Bitcoin Treasury Services
Moreover, Metaplanet is enhancing its Bitcoin treasury services. On June 12, the firm announced plans to acquire Siiibo Securities for JPY 2.1 billion, which will transform it into a wholly owned subsidiary. This acquisition, expected to finalize on July 13, represents the first major step in Project Nova, Metaplanet’s initiative to develop a Bitcoin-centered financial services ecosystem. The acquisition grants Metaplanet oversight of a Type I Financial Instruments Business Operator in Japan, setting the stage for Bitcoin-related investment products and yield-driven offerings.
Future plans include pursuing Japan’s inaugural listed perpetual preferred share product and establishing systems for consistent dividend distributions. Metaplanet identifies preferred shares and potential buybacks as part of its strategic capital allocation linked to Bitcoin.
