Japanese investment firm Metaplanet added 2,823 Bitcoin during the second quarter, it said in a Thursday disclosure, spending just shy of ¥35.9 billion ($222 million) to lift its total stash to 43,000 BTC.

That works out to around $78,608 per Bitcoin, and it was the company's smallest quarterly purchase in a year, down sharply from the 17,473 BTC it accumulated in the third quarter of 2025. Metaplanet is still chasing targets of 100,000 BTC by the end of 2026 and 210,000 by the end of 2027, goals that look more distant as its buying cools.

The slowdown comes with the firm's holdings deep in the red. Metaplanet valued its 43,000 BTC at about ¥409 billion ($2.5 billion) as of June 30, well below the ¥659 billion ($4.07 billion) it paid, an unrealized loss of roughly $1.5 billion. Bitcoin fell more than 20% over the quarter, closing June near $58,800, per CoinGecko data.



Metaplanet’s funding strategy

Metaplanet leaned on borrowing rather than its stock to fund the buying, tapping credit facilities and ordinary bonds alongside $10.95 million in revenue from a "Bitcoin Income Generation" program that sells options against its holdings. It issued new common shares only when its market value stayed above the value of its Bitcoin.

That distinction matters for treasury companies, whose model hinges on trading at a premium to their crypto, a gap known as mNAV, so they can sell stock and buy more Bitcoin without diluting shareholders. As that premium erodes across the sector, funding purchases with equity turns into a losing trade.

Treasury firms hit the brakes

Metaplanet is not alone. Strategy, the Bitcoin treasury firm that wrote the playbook, said this week it could sell up to $1.25 billion of Bitcoin to shore up cash, and would stop issuing common shares to buy more unless it trades at a premium, after its mNAV recently slipped to 0.99.

Metaplanet has felt the same squeeze. Even as its buying slows, it has kept expanding its Bitcoin business, standing up a venture-investment arm and acquiring a Japanese securities firm to build Bitcoin-linked yield products. It also recently posted a $725 million first-quarter loss and delayed a preferred-share sale.

Metaplanet's U.S. OTC-listed stock, MTPLF, rose 2.4% on Wednesday to $1.27, a full session ahead of the filing, while its Tokyo-listed shares (3350) closed Thursday at ¥207 ($1.28).

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