Tokyo-based Metaplanet announced that it purchased another 2,823 Bitcoin in the second quarter. The company’s total reserves have now climbed to 43,000 BTC. The purchase reportedly cost around $221 million.
Known as Japan’s first publicly listed Bitcoin treasury company, Metaplanet has now grown its holdings by around 22.5% compared to where it started the year. The company’s average purchase cost across its portfolio stands in the $97,000 to $104,000 range. Since Bitcoin has been trading well above this range in recent weeks, the company is currently sitting on a significant paper profit.
Buying pace accelerates quarter by quarter
Metaplanet’s accumulation story actually goes back only a short time. The company closed 2025 with 35,102 BTC. It then added another 5,075 BTC in the first quarter of 2026, reaching 40,177 BTC as of March 31. That purchase required a budget of roughly $398 million to $405 million, with the average unit price landing in the $78,000 to $80,000 range. Now, with the additional 2,823 BTC bought in the second quarter, the total has risen to 43,000 BTC.
The company began accumulating Bitcoin in April 2024, when it was still a small hotel and technology operator. At the time, its holdings stood at just 97.85 BTC. By the end of 2024, that figure had risen to 1,761 BTC, and by September 2025 it had reached 30,823 BTC. In other words, the company’s Bitcoin holdings have grown rapidly over the past year and a half.
Target is 100,000 BTC, but the road is long
Metaplanet’s publicly announced targets under its “555 Million Plan” are highly ambitious. The company aims to reach 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The latter figure would equal roughly 1% of Bitcoin’s total supply. Based on the current picture, CEO Simon Gerovich and his team need to buy another 57,000 BTC in the next six months. At current prices, that would cost more than $5 billion, which means the company will likely need to pursue multiple large-scale share issuances and debt financing rounds to reach this target.
The company mainly finances these purchases through share issuances, warrant sales and revenue generated from Bitcoin options. In January, it raised $137 million through a share and warrant sale aimed at overseas institutional investors. Its additional financing potential can also reach up to $276 million.
Challenging third place in corporate rankings
With this latest purchase, Metaplanet has entered a close race with Twenty One Capital in terms of corporate Bitcoin ownership. Strategy still sits at the top of the ranking with more than 762,000 BTC in reserves. Among the names Metaplanet has surpassed is MARA Holdings, which sold a significant portion of its Bitcoin holdings in recent months to repay debt.
The risk side of the picture should not be ignored either. Metaplanet is using share dilution and debt financing to buy a highly volatile asset. In a prolonged downturn scenario, the company’s average cost base in the $97,000 to $104,000 range will become a critical threshold for investors to watch closely. The more than $5 billion in capital needed to reach the year-end target is another factor that must be evaluated together with the dilution risk that could come with successive share and debt issuances.
