Metaplanet added 2,823 Bitcoin to its treasury in Q2 2026, spending $170 million to bring its total holdings to 43,000 BTC. The Tokyo-listed company, which started buying Bitcoin in April 2024 from a near-zero position, is now the third-largest corporate Bitcoin holder in the world.
Project Nova Is the Real Story
The bigger news buried in the Q2 update is not the BTC purchase. CEO Simon Gerovich announced that Metaplanet is acquiring Siiibo Securities, a Japanese bond marketplace, for roughly $13 million. The deal is expected to close this month. Metaplanet will rebrand it as Metaplanet Securities.
Gerovich described the acquisition as the first concrete step under Project Nova, framing it as the beginning of Metaplanet's transition from a pure Bitcoin treasury company into a broader financial services business. That is a meaningful shift in how the company is positioning itself, and it signals that the Bitcoin accumulation strategy is now paired with an operating business rather than running in isolation.
The Q2 Numbers
Metaplanet spent 35.89 billion yen on Bitcoin during the quarter, averaging approximately 12.7 million yen per coin. The company's Bitcoin income business, which generates revenue primarily through options selling against its existing holdings, brought in $10.95 million during Q2. After netting that income against purchase costs, the effective outlay for the quarter dropped to 34.14 billion yen.
Metaplanet tracks a metric it calls Bitcoin yield, measuring additional BTC accrued per share through treasury operations. That figure reached 2.8% year-to-date through the end of Q2.
Across all purchases since April 2024, the company has invested a cumulative 659 billion yen in Bitcoin at an overall average acquisition cost of 15.3 million yen per coin.
Still a Long Way From the Target
Metaplanet has publicly committed to holding 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. At 43,000 BTC, the company needs to acquire roughly 57,000 more coins in the next six months to hit the nearer goal. At current prices, that would cost well above $5 billion, requiring significant additional equity raises and debt issuances on top of what has already been deployed.
That is an ambitious ask. The company has funded its purchases so far through a combination of equity raises, debt instruments, and mNAV warrants designed to limit dilution. Whether those mechanisms can generate $5 billion in the back half of 2026 is an open question.
Where Metaplanet Sits in the Rankings
Metaplanet's 43,000 BTC puts it in a near tie with Twenty One Capital, which holds roughly 43,514 BTC, for the third spot among corporate Bitcoin holders. Both companies trail Strategy by a considerable margin. Strategy, the company formerly known as MicroStrategy, holds more than 762,000 BTC and has been accumulating since August 2020.
Stock Performance
Shares of Metaplanet (TSE: 3350.T, US ADR: MPJPY) are down approximately 49% year-to-date. The stock has been volatile alongside Bitcoin price swings and repeated capital raises, each of which adds dilution pressure. Investors who bought during the 2025 peak are sitting on significant losses even as the company's Bitcoin position has grown substantially.
Whether the Siiibo acquisition and the Project Nova narrative can shift investor sentiment is one of the more interesting questions heading into the second half of 2026.
