Metaplanet disclosed that 2823 bitcoins were purchased in the second quarter at a cost of approximately Yen35.9 billion, or $222 million, and that the total holding stock at the end of the period had risen to 43,000. This represents the smallest single-season increase in the company in recent years, indicating a marked slowdown in the pace of the purchase of currency.
Single-season buying down to a year low.
The average purchase price for Metaplanet this quarter was approximately $786 million per item, based on disclosed data. By contrast, the company held a single-season increase of 17473 bitcoin in the third quarter of 2025, with a marked fall in size this quarter.
Nevertheless, the company maintained its stated target of holding 100,000 bitcoin by 2026 and increasing to 210,000 by 2027. At the current rate of growth, this goal is under greater implementation pressure.
Market value of warehouse held below cumulative purchase cost
The company disclosed that, as at 30 June, its 43,000 bitcoin holding stock valued at approximately Yen40.9 billion, or approximately $2.5 billion, was lower than the cumulative purchase cost of Yen65.9 billion, or $4.07 billion.
At this rate, Metaplanet currently has an unrealized loss of about $1.5 billion. The CoinGecko data show that bitcoin fell by more than 20 per cent in the second quarter and received approximately $588 million at the end of June, which also depressed the company ' s book value.
Transition to borrowing and bonds
The company disclosed that the current round of currency purchases was more financed by borrowing, letters of credit and general bonds than by increasing the general share. At the same time, Metaplanet also earned approximately $10.95 million in revenue through the “Bitcoin Investment” project, which is based primarily on the sale of options from existing warehouses.
The company stated that it would issue new common shares for the continued purchase of currency only if its market value was higher than its bitcoin value. This means that the scope for equity financing is also limited during the valuation period.
Additional information:Similar adjustments do not appear only in Metaplanet. Strategy indicated this week that a maximum of $1.25 billion bitcoin could be sold to replenish the cash, and that if the company stock no longer had a premium on its relative net assets, it would suspend the purchase of the currency through the issuance of a general share. Metaplanet has also recently established a venture capital unit and acquired a Japanese securities firm to develop a revenue product linked to bitcoin; the company had previously disclosed a loss of $725 million a quarter and delayed the priority stock distribution plan.