Metaplanet's Bitcoin Vault Hits 43,000 Coins — But the Stock Still Can't Catch a Bid
Published on 08/08/2026 at 03:55 | Redaktion boerse-global.de
The arithmetic is straightforward enough: buy more Bitcoin, grow the yield, expand into regulated securities. Yet for Metaplanet, the market's verdict on all that effort remains stubbornly harsh.
Japan's most prominent Bitcoin treasury company has spent the past quarter doing exactly what it said it would — adding thousands of coins to its balance sheet, building out an options-driven income stream, and pushing deeper into the regulated financial sector. The stock, however, continues to trade more than 80% below its peak, a disconnect that the upcoming quarterly report on August 13 will put under fresh scrutiny.
A Treasury That Keeps Growing
The headline number is hard to miss. Metaplanet's early-July purchase of 2,823 Bitcoin for roughly $225 million — at an average price of $78,872 per coin — lifted the total hoard to 43,000 Bitcoin. Cumulative acquisition costs now stand at $4.09 billion. The company's second-quarter BTC Yield metric, which measures the growth of its crypto holdings relative to fully diluted shares outstanding, rose 6.6%.
That puts Metaplanet in rarefied company. At the end of the first quarter on March 31, its 40,177 Bitcoin ranked third globally among publicly traded Bitcoin holders, trailing only Strategy's 818,869 coins and Twenty One Capital's 43,514. The latest addition has likely cemented that position.
What's notable about the funding mix is what's absent: new share issuance. Metaplanet financed the purchases primarily through credit lines, conventional bond issuance, and the proceeds from its own options trading — not by diluting existing shareholders.
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The Yield Machine Kicks In
That options business is becoming a meaningful contributor in its own right. The Bitcoin Income Generation segment, which runs options strategies against the company's coin holdings, booked $10.95 million in operating revenue for the second quarter. First-half revenue from the options desk reached $29.2 million, with a trailing twelve-month figure of $70.7 million.
The strategy is straightforward: monetize the Bitcoin stash without selling it. And management has signaled that the full-year revenue and operating profit guidance issued back in January remains unchanged.
A Regulated Pivot Takes Shape
Mid-July brought the completion of the Siiibo Securities acquisition for 2.1 billion yen, immediately giving rise to a new subsidiary, Metaplanet Securities. Operating under a Type-I financial instruments license from Japan's financial regulator, the unit is the vehicle for what the company calls "Project Nova" — a feasibility study into Bitcoin-collateralized lending products, developed jointly with JPYC and Progmat. The partners are examining product structures, settlement systems, regulatory requirements, and investor protections before deciding whether to move toward issuance.
The securities arm dovetails with the broader ambition: a Bitcoin-centric financial ecosystem, built on a foundation of institutional-grade custody. That point was underscored this week when CEO Simon Gerovich addressed a sector-wide security scare. Following a theft of more than $70 million in Bitcoin tied to the Coldcard hardware wallet — with industry-wide losses later reported to exceed $100 million — Gerovich emphasized that Metaplanet's holdings are safeguarded through regulated institutional custodians. The company uses segregated cold storage, multi-party authorization, and independent control mechanisms, he said, explicitly distancing the firm from the self-custody risks the incident exposed. Binance co-founder Changpeng Zhao had urged users to exercise heightened vigilance in the wake of the breach.
Shareholder Shifts and a Stubborn Discount
The ownership picture is evolving too. Capital Research and Management Company (CRMC), the US investment firm, increased its directly held voting rights from 1.1865 million to 1.3606 million shares, lifting its stake to 10.63% from 9.32% — making it Metaplanet's largest shareholder.
The first-quarter results, published in May, showed a company growing fast on the operational side. Consolidated revenue jumped 251.1% year over year to 3,080 million yen, driven by the Bitcoin business and the hotel segment. Operating profit climbed 282.5% to 2,267 million yen. But the bottom line told a different story: a net loss of 114,493 million yen, the result of mark-to-market losses on the Bitcoin holdings. For the full year 2026, Metaplanet projects revenue of 16,000 million yen, up 79.7%, and operating profit of 11,400 million yen, up 81.3%. No net income forecast is provided, a nod to the inherent volatility of the underlying asset.
The market's response to all this activity has been muted at best. The stock closed Friday at €1.23, up 1.54% on the day — but that leaves it down 44.91% year to date and 80.06% below its 52-week high of €6.16 set on August 11, 2025. The distance from the 200-day moving average is a stark 35.18% negative, underscoring a medium-term downtrend that operational progress and a swelling Bitcoin reserve have yet to reverse.
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The announcement of the July Bitcoin purchase did trigger a brief rally in Tokyo, where shares rose 3.5% to 207 yen. Whether the August 13 report can sustain that kind of momentum — and whether the market will finally reward the gap between Metaplanet's growing asset base and its falling share price — remains the open question.
