Metaplanet Hits 43,000 BTC, Reports ¥1.7B Bitcoin Income
Metaplanet Inc., announced today, July 2, 2026, that it has bought another 2,823 Bitcoin during the second quarter, lifting its total stash to 43,000 BTC. The latest buy cost the company about ¥35.886 billion, which works out to roughly ¥12.71 million per coin on average.
How the Quarter Played Out
Metaplanet, according to the recent post, ended June with 43,000 Bitcoin, up from 40,177 at the end of March. The new purchases lowered the company’s overall average cost per Bitcoin from ¥15.52 million to about ¥15.33 million. This means that the recent buys were at prices below the company’s existing average, improving its overall cost basis.
The firm also reported ¥1.747 billion (about USD 10.95 million) of revenue from its Bitcoin Income Generation business during the quarter. If you net that income against the money spent on the crypto buys, the company’s effective outlay for the new Bitcoin falls to about ¥ 34.14 billion, an implied average price near ¥12.09 million per coin.
Metaplanet presents this adjusted figure to show how its option-selling and other income-generating activities help offset acquisitions costs; it’s an extra way to view the economics, not a replacement for the official purchase numbers.
Options and Income: The Strategy Behind the Buys
Metaplanet uses Bitcoin options and related strategies as part of its treasury playbook. The company sells options and runs other option-based trades to generate recurring revenue while also targeting additional Bitcoin accumulation. Management says these tools help them buy Bitcoin selectively, earn cash to fund purchases, and manage exposure depending on market conditions.
Q2 Results for the Bitcoin Income Generation Arm
The Bitcoin Income Generation unit brought in ¥1.747 billion during the quarter, and ¥4.717 billion for the first half of the year. The business mixes option premiums, realized trading gains or losses, and mark-to-market valuation changes. Over the trailing twelve months, revenue from this business has been growing steadily, illustrating that the company is combining trading income with its longer-term accumulation plan.
Measuring performance: BTC Yield and BTC Gain
Metaplanet tracks a metric called BTC Yield, which measures how much Bitcoin per share has changed over a period. For Q2, BTC Yield was 6.6% meaning the ratio of Bitcoin holdings to diluted shares rose by that percentage during the quarter. The company also reports BTC Gain, the hypothetical increase in Bitcoin holdings if no new shares were issued, and then translates that gain into yen value using a reference Bitcoin price, so investors can see the currency impact.
Share Dilution and Funding
Metaplanet increased its diluted share count slightly during the quarter. It issued 5.27 million common shares through exercises tied to a previously issued stock-rights program, but otherwise did not sell stock to fund Bitcoin purchases. The company mainly financed the quarter’s Bitcoin buying through borrowings from credit facilities, bond issuance, and income from its Bitcoin trading business.
Balance Sheet Snapshot
As of June 30, Metaplanet’s 43,000 BTC were valued at about ¥409.0 billion using the company’s reference price. The firm also reported roughly ¥8.0 billion in non-interest-bearing domestic bonds, around ¥67.2 billion in foreign-currency debt, and convertible preferred stock with a notional amount near ¥23.61 billion.
Why This Matters
Metaplanet is actively mixing trading income with targeted purchases to grow its Bitcoin per share over time. The recent buys at prices below the prior average helped nudge down the company’s overall cost per coin. Using options to generate revenue gives them a recurring cash stream to help fund future accumulation without leaning on share issuance.
Michael Saylor congratulated the company after it reached a treasury of 43,000 Bitcoin, calling it the world’s third-largest corporate Bitcoin holder and saying the milestone proves the Bitcoin treasury strategy is becoming a global trend.
The company’s Director of Bitcoin Strategy, Dylan LeClair, added that Metaplanet now has more than 250,000 shareholders, roughly one in every 600 people in Japan, making it one of the country’s 30 largest companies by shareholder count.
