Metaplanet has increased its Bitcoin treasury to 43,000 BTC, making the Japanese investment firm the world’s third-largest publicly traded corporate holder of Bitcoin, according to its latest quarterly update. The company added 2,823 BTC during the second quarter of 2026, extending a treasury strategy that has pushed it up the global rankings in a short period.
Q2 purchases funded with loans, bonds, and trading profit
The company said it spent 35.886 billion yen to acquire the Bitcoin purchased in the quarter. Rather than issuing new shares, Metaplanet relied mainly on loans and ordinary bond offerings. That allowed it to expand its Bitcoin position without diluting existing shareholders, a key detail in how it has financed continued accumulation.
Metaplanet also reported that its Bitcoin options trading division generated $10.95 million in net profit during the quarter. Those profits were directed into additional Bitcoin purchases, helping reduce the effective acquisition cost of the broader treasury. The result is a dual funding approach built on debt financing and earnings from trading activity.
From zero to a top-three ranking in two years
Based on the figures in the update, the company’s Bitcoin reserve now carries an estimated market value of about 409 billion yen. Over the past two years, however, Metaplanet has spent roughly 659 billion yen building its corporate Bitcoin position. The scale is large, and so is the speed: the firm went from no Bitcoin holdings to one of the biggest public-company treasuries in the market.
The latest purchase pushed Metaplanet ahead of MARA Holdings, which currently holds 36,303 BTC. The report also said the Japanese firm needs only 514 more BTC to move into second place among public corporate holders. That leaves only a narrow gap between its current rank and the next position above it.
BTC Yield rises to 6.6% as growth rate slows
Alongside total holdings, Metaplanet tracks an internal metric called BTC Yield, which measures the amount of Bitcoin allocated to each investor’s share. In the second quarter, that figure rose to 6.6%, up from 2.8% earlier this year. The metric is still improving, but the pace has slowed.
That slowdown reflects the size of the treasury. Once holdings reach 43,000 BTC, each new purchase contributes a smaller proportional increase than it did when the reserve was much smaller. The company is still growing its Bitcoin-per-share metric, though doing so now requires more capital for a smaller relative lift.
Shares still trade below the value of the Bitcoin reserve
Even after climbing to third place globally, Metaplanet’s stock remains priced below the market value of its Bitcoin holdings. The latest figures cited in the report put the shares at an estimated 16% discount to the value of its Bitcoin treasury, with an mNAV ratio of 0.84. On that basis, investors are getting exposure to the company’s Bitcoin at a price below the estimated value of the underlying reserve.
That valuation differs from Strategy, the largest corporate Bitcoin holder, which the report says still trades at an estimated 8% premium to the value of its Bitcoin treasury. Metaplanet has expanded its reserve through debt funding and trading profits, climbed into the global top three, and narrowed the gap with the second-ranked company, while the market continues to price its shares below the value of the Bitcoin it holds.