Metaplanet Bitcoin Holdings Reach 43,000 BTC in Q2 2026

The company shared the update through its official X account and a simultaneous TDnet filing. So the numbers arrived straight from the source, not from secondhand reports. Metaplanet trades in Tokyo under the ticker 3350, and it now ranks among the largest corporate Bitcoin holders in the world.

Inside Metaplanet’s Q2 Bitcoin Buy

The second-quarter tranche totaled 2,823 BTC. Metaplanet paid an average of ¥12,712,055 per coin, and the full tranche cost ¥35,886 million. In dollar terms, that works out to roughly $250 million at recent exchange rates.

Because the firm also runs a Bitcoin Income Business, its effective cost came in lower. After deducting that revenue, the adjusted cost falls to about ¥12,093,091 per BTC. So the real outlay for the tranche was closer to ¥34,138 million.

Across all 43,000 BTC, the average cost basis now sits at ¥15,331,542 per coin. In total, Metaplanet has spent ¥659,256 million building the stack. According to the company’s TDnet disclosure, those figures cover every purchase since 2024.

What BTC Yield Says About Metaplanet Bitcoin Holdings

Metaplanet leans on one main metric, and it calls that metric BTC Yield. The number tracks how fast Bitcoin per share grows over a period. For Q2 2026, BTC Yield reached 6.6% on a quarterly cumulative basis.

Two related figures back that up. BTC Gain came in at 2,637 BTC, while BTC Yen Gain reached ¥25,082 million. Together, these KPIs show the treasury strategy adding value per share, not just piling up coins.

Here is why the metric matters. The company raises money by issuing shares, and that move can dilute existing owners. Still, if it buys more Bitcoin than the dilution, then Bitcoin per share rises. So a positive BTC Yield signals accretion rather than dilution.

How Metaplanet Funds Its Bitcoin Holdings

Metaplanet pulls capital from several sources. First, it issues common shares and warrants. Second, it sells bonds, including zero-coupon notes to EVO FUND. It also taps credit facilities when it needs them.

On top of that, the Bitcoin Income Business generates revenue. The firm uses options and related trades to earn premiums, and those premiums lower the effective cost of new coins. In its filing, Metaplanet described the approach directly.

The company uses Bitcoin options and related transactions strategically to acquire Bitcoin, generate revenue, and adjust exposure. Decisions consider physical Bitcoin holdings, market liquidity, economic effects of options, and the goal of increasing BTC per share long-term.

The Road to 100,000 BTC

The targets are ambitious. Metaplanet wants 100,000 BTC by the end of 2026, and it aims for 210,000 BTC by the end of 2027. That larger goal would equal roughly 1% of all the Bitcoin that will ever exist.

For context, the stack has grown fast. Holdings stood at 13,350 BTC in June 2025, then jumped to 30,823 BTC by September. By March 2026, the count hit 40,177 BTC, and now it sits at 43,000 BTC.

CEO Simon Gerovich has framed the mission in blunt terms. He has repeatedly said Metaplanet is a Bitcoin company and will only ever buy Bitcoin. According to bitcointreasuries.net, the firm now ranks near the top of the public-company leaderboard. It sits behind Strategy and close to peers such as Twenty One Capital.

Risks Behind the Metaplanet Bitcoin Strategy

The strategy carries real risk, and critics have not stayed quiet. Some point out that a few purchases landed near local price highs. Others flag dilution, since ongoing share and warrant issuance can weigh on existing holders.

There are market concerns too. At times, the stock’s market value has traded below the net asset value of its Bitcoin, a level known as an mNAV under 1.0x. In plain terms, the market occasionally prices the shares below the coins they represent.

Leverage adds another layer. Because the model relies on debt and equity, a sharp Bitcoin drop could hit the balance sheet hard. Accounting swings and impairment losses can also make fiat results look weak, even when the coin count keeps rising.

None of this is financial advice. Readers should weigh these risks and do their own research before acting.

What Comes Next for Metaplanet

The next questions are practical. Investors want to know when the company will raise capital again, and whether it can keep BTC Yield positive as the stack grows. Any move toward the 100,000 BTC target will draw close attention.

Bitcoin traded near $60,000 around the announcement, which put the 43,000 BTC holding at roughly $2.58 billion. For now, Metaplanet keeps buying, and each disclosure tests the same thesis. So the next TDnet filing should show whether the accumulation pace holds.