TLDR
- Metaplanet bought 2,823 BTC in Q2, lifting total holdings to 43,000 BTC by June 30.
- The company spent JPY 35.89 billion, with an average purchase price of JPY 12.71 million.
- Its average Bitcoin cost declined from JPY 15.52 million to JPY 15.33 million per coin.
- Metaplanet said Bitcoin income revenue reduced its reported supplemental effective acquisition cost for the quarter.
- The firm primarily used debt, credit facilities, and operating revenue rather than broad share issuance.
Metaplanet, often described as Japan’s MicroStrategy, said it added 2,823 Bitcoin in the second quarter of 2026 for about JPY 35.89 billion, or roughly $221 million. According to the company’s quarterly disclosure, its total Bitcoin holdings increased to 43,000 BTC as of June 30 from 40,177 BTC at the end of March.
The company reported an average Q2 acquisition price of JPY 12.71 million per Bitcoin, which was below its portfolio average at the end of the first quarter. As a result, Metaplanet said its overall average Bitcoin cost declined to JPY 15.33 million per coin from JPY 15.52 million.
Lower Average Cost Follows Q2 Purchases
Metaplanet also reported JPY 1.75 billion in revenue from its Bitcoin income business during the quarter. The company said that, on a supplemental basis, deducting that revenue from Q2 acquisition spending would place the effective purchase amount at JPY 34.14 billion, or about JPY 12.09 million per BTC.
The company stated that this supplemental figure is not a replacement for its gross acquisition cost or official average purchase price. It said the measure is intended to show how Bitcoin-related income contributed to its accumulation strategy during the quarter.
Metaplanet also said it may use Bitcoin options and other related transactions as part of treasury operations. The disclosure said these activities may be used to generate revenue, support planned Bitcoin accumulation, or adjust Bitcoin exposure based on market conditions.
Capital Strategy And Market Context
During Q2, Metaplanet said it relied mainly on non-common-share financing for Bitcoin treasury funding, including borrowings under its credit facility, ordinary bonds, and revenue from its Bitcoin income business. The company added that 5.27 million common shares were issued through the exercise of its 27th stock acquisition rights, while other Q2 Bitcoin purchases were not funded through common share issuance.
As of June 30, the company valued its 43,000 BTC holdings at about JPY 409 billion. Its capital structure included JPY 8 billion of interest-free yen-denominated ordinary bonds, about JPY 67.2 billion of foreign-currency debt, and JPY 23.6 billion of Series B preferred shares with a 4.9% dividend rate.
The disclosure also detailed Metaplanet’s use of BTC Yield, BTC Gain, and BTC Yen Gain as supplementary performance indicators. The company cautioned that these measures do not represent profitability, cash flow, investment yield, or direct ownership rights in the Bitcoin held by the company.
Metaplanet’s latest purchase keeps the company among the most closely watched publicly listed Bitcoin treasury firms outside the United States. The update matters for investors because it shows continued corporate Bitcoin accumulation, while also providing data on acquisition cost, financing mix, dilution treatment, and treasury risk that shareholders can compare with other listed Bitcoin holders.
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