Metaplanet Adds 43,000 BTC While Trading Below Average Cost

Published by James Harris on July 2, 2026July 2, 2026

Metaplanet added 2,823 Bitcoin to its balance sheet on July 2, bringing its total corporate holdings to 43,000 BTC and cementing its position among the most active public company accumulators alongside Strategy and Strive.

The purchase lands in a month when public companies collectively added roughly 9,000 BTC to their treasuries, per BitcoinTreasuries.net. Strategy led with 3,625 BTC in net additions and Strive followed with 3,364, making Metaplanet’s haul broadly comparable to both leaders, even though it was technically booked on the first trading day of July rather than June. What makes the comparison more textured is that not everyone in the corporate treasury cohort is buying: Fold Holdings reduced its position by around 634 BTC, Nakamoto by 591, and Hive Digital by 331. Accumulating Bitcoin while posting accelerating losses is a structural bet that the asset appreciates faster than the operational burn rate, and that bet cuts both ways depending on where Bitcoin trades when the balance sheet is marked. Metaplanet’s average acquisition cost was reported at $107,716 per coin in February, and with Bitcoin trading around $60,100 on July 2, the 43,000 BTC position carries significant unrealized losses.

The firm did not issue new shares through warrant exercises in June, meaning the latest purchase came without dilutive capital raises, though 947,300 outstanding warrants remain available.

Corporate Bitcoin treasury strategies were largely designed during a specific macro window of low rates and abundant liquidity, and the companies now holding large positions at above-market cost bases are navigating a different environment. Metaplanet’s fiscal year 2025 results illustrate the tension cleanly: revenue rose 738% to 8.9 billion yen, operating profit jumped 1,694.5% year over year, but a non-cash Bitcoin valuation loss of 102.2 billion yen produced a net loss of 95 billion yen. The acquisition of Siiibo Securities, a regulated Tokyo broker, for roughly 2.1 billion yen adds a different dimension, giving Metaplanet a licensed entity to develop Bitcoin-linked bonds and tokenized securities under what it calls Project Nova. Whether that subsidiary becomes a genuine revenue driver or remains adjacent to the treasury story is the more interesting question about the company’s direction, given that the Bitcoin treasury can obscure whether a firm has actually decided what it is.

Metaplanet Securities, the renamed Siiibo entity, positions the firm closer to the institutional product layer that companies like Strategy have pointed toward as the next phase beyond simple accumulation. If Bitcoin recovers toward Metaplanet’s cost basis, the unrealized loss reverses and the narrative around Project Nova gets considerably easier to tell.