Japanese corporation Metaplanet has officially entered the top 3 largest public holders of Bitcoin in the world. In just two years, the company built a giant digital reserve from scratch and now holds 43,000 BTC, trailing only two American giants on the global stage.

After a brief pause, Metaplanet returned to the market and bought another 2,823 BTC over Q2 2026, spending 35.886 billion yen on this purchase.

Instead of printing new shares and diluting existing investors, the purchases were financed mainly through loans and the issuance of ordinary bonds. In addition, the company's specialized division traded Bitcoin options and generated $10.95 million in net profit. 

This money was also used to buy coins, which helped reduce the real cost of each new Bitcoin below the market price.

Congrats to Metaplanet on reaching ₿43,000 and becoming the #3 corporate Bitcoin treasury in the world. You are proving that the Bitcoin treasury strategy is global.🚀

Today, Metaplanet's entire Bitcoin vault is valued at roughly 409 billion yen. At the same time, the company's total spending on all these coins over the past two years amounted to about 659 billion yen.

The company's main internal performance metric is BTC Yield. It shows how much more Bitcoin is allocated to each investor's share. Over the quarter, this figure increased by 6.6%. 

This is better than at the beginning of the year, when growth stood at 2.8%, but the overall pace is clearly slowing. The reason is simple: when there are already 43,000 BTC in the vault, each new thousand increases investors' overall share much more slowly than at the very beginning of the journey.

Overtaking MARA, but trading at a discount

In the global ranking by BitcoinTreasuries.net, the Japanese company has caused a real sensation. Metaplanet officially overtook American MARA Holdings with its 36,303 BTC and now needs just 514 more coins to reach second place in the world.

However, the paradox lies in investor sentiment, as Metaplanet shares on the Tokyo Stock Exchange are currently trading at a 16% discount to the value of its Bitcoin, and its mNAV ratio stands at 0.84. In simple terms, by buying the company's shares on the exchange, an investor gets the Bitcoin inside it cheaper than its real market price. 

For comparison, global Bitcoin treasury leader Strategy trades at an 8% premium to its reserves. In the context of the Asian market, this is a unique precedent — the company has built a colossal digital reserve, but the market still values it below the worth of the contents of its own wallet.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。