Japanese firm Metaplanet announced the purchase of an additional 2,823 BTC for $170.7M, bringing its total treasury to 43,000 BTC valued at $2.6B. The company officially becomes the third largest publicly traded bitcoin holder, behind MicroStrategy and Twenty One Capital. The options program that funds these purchases generated $10.85M in revenue in the second quarter. Metaplanet stock reacted with a 3.5% gain on the announcement.
Key Takeaways
- Metaplanet buys 2,823 BTC for $170.7M and pushes its treasury to 43,000 BTC ($2.6B).
- The Japanese firm becomes the third largest public holder, behind MicroStrategy and Twenty One Capital.
- The Bitcoin Income Generation options program generated $10.85M in Q2 FY2026 revenue.
Third Largest Public Holder Crosses the 43,000 BTC Mark
Metaplanet confirmed the purchase of 2,823 additional BTC for $170.7M, bringing its treasury to 43,000 BTC. At current bitcoin prices, this position weighs $2.6B on the balance sheet of the Tokyo-listed group.
This new milestone places the company in third position globally among publicly traded firms holding bitcoin, just behind MicroStrategy and Twenty One Capital. The corporate holders ranking is now dominated by a trio in which Metaplanet is the only non-American player.
The announcement pushed Metaplanet stock 3.5% higher in Tokyo trading, a signal that markets endorse the accumulation strategy even in a context where bitcoin trades below $62,000. Investors seem to read this progression as confirmation of the treasury thesis, with a leadership team capable of continuing to stack despite pressure on other public vehicles backed by bitcoin.
Metaplanet’s purchase pace has clearly slowed compared to previous quarters, where the firm was stacking several thousand BTC per month. This slowdown reflects a consolidation phase, not an abandonment of the strategy.
The Options Program Funding the Buys
Metaplanet’s specificity, compared to its American competitors, lies in its Bitcoin Income Generation program. This division sells covered options on bitcoin to generate recurring revenue, then reinvested into asset accumulation.
In the second quarter of fiscal year 2026, this program generated $10.85M in revenue. Over the full first half, the total climbs to $29.30M. These amounts remain modest relative to the total treasury valuation, but they build a recurring cash flow that does not exist among pure holder competitors.
This approach differs radically from the American doctrine championed by Michael Saylor, who long refused any yield-generating mechanic on the stock held. The Japanese model resembles more an active treasury management, with recurring liquidity coming from the derivatives market, while Strategy still favors today a strict accumulation approach without selling.
For investors seeking indirect exposure to bitcoin through listed stocks, Metaplanet now offers a hybrid thesis. The stock provides both exposure to the BTC price (via the treasury) and an additional revenue stream (via the options), which could justify a premium over a simple NAV ratio.
Also on Cryptonomic:
- $1.98B in Tokens Unlock in July, PUMP Releases 20%
- Solana Jumps 16% on the Week as Altcoins Catch Warsh Pivot
- Bitcoin $60,000 Reclaimed After Warsh Pivots Dovish
Trajectory Toward 100,000 BTC and Pressure on Other Corporates
Metaplanet’s official target remains 100,000 BTC held by end of 2026 and 210,000 BTC by end of 2027. At the current pace, the company still has 57,000 BTC to buy before December to reach the first milestone, roughly $3.5B to deploy in six months at current prices.
This schedule remains ambitious but not unrealistic. Metaplanet has demonstrated over previous quarters its capacity to raise capital through equity issuance and convertible bond instruments, on a model close to what MSTR uses to fund its buys without selling BTC. The Japanese market offers access to institutional investors still lightly exposed to the corporate bitcoin thesis.
For Twenty One Capital, temporarily holding the second position globally, Metaplanet’s arrival in third place acts as a reminder of the competition. The market for public treasuries backed by bitcoin no longer counts a few exceptions, but a structured ecosystem with players pushing each other upward.
Medium term, the question that arises is concentration. If the targets of the three leaders (MicroStrategy, Twenty One Capital, Metaplanet) are met by 2027, these three entities alone would hold nearly 10% of all bitcoins in circulation. This concentration level changes liquidity mechanics and introduces a new type of systemic risk for the ecosystem, distinct from the ETF risks already widely documented.
The next weeks will be scrutinized by analysts: Metaplanet must maintain its pace without jeopardizing its ability to generate revenue via the options program. A too pronounced slowdown in bitcoin volatility would hurt the premiums collected, which would force the firm to revert to a more classical financing model through equity.
Follow the story on Cryptonomic.
