Metaplanet Inc., Japan’s first listed Bitcoin treasury company, disclosed on July 2, 2026 that it bought 2,823 BTC in fiscal 2026’s second quarter, for approximately ¥35.886 billion at an average price of ¥12,712,055 per bitcoin, according to Metaplanet’s TDnet filing.
Key Takeaways
- Metaplanet purchased 2,823 BTC in Q2 FY2026 for roughly ¥35.886 billion, averaging ¥12,712,055 per coin.
- Total holdings reached 43,000 BTC as of June 30, 2026, acquired for a cumulative ¥659.256 billion at an overall average of ¥15,331,542 per coin.
- Q2 BTC Yield climbed to 6.6%, more than double the 2.8% posted in Q1 FY2026.
- The company’s Bitcoin Income Generation business produced $10.95 million (¥1.747 billion) in quarterly revenue.
- Metaplanet’s disclosed long-term target is roughly 170,000 BTC, about 1% of Bitcoin’s total supply.
What Happened?
Metaplanet filed the purchase through TDnet, Japan’s corporate disclosure system. The filing, per Metaplanet’s notice, confirms the 2,823 BTC acquisition and the resulting 43,000 BTC total holding as of June 30, 2026. It breaks out both the quarter’s buy price and the company’s cumulative average cost, a level of issuer-specific detail that goes beyond the country-level adoption figures most crypto trackers report.
The quarter’s average purchase price of ¥12,712,055 per BTC sits below the ¥15,331,542 cumulative average across all 43,000 coins. That gap means Metaplanet’s most recent buying happened at a discount to its own historical cost basis. The disclosure surfaces this by publishing both figures side by side rather than a single blended number.
The filing also reports a metric Metaplanet calls BTC Yield, a company-defined ratio measuring Bitcoin holdings growth relative to shares outstanding. That figure rose to 6.6% in Q2 FY2026, up from 2.8% in Q1. The Company may use Bitcoin options and related strategies as part of its acquisition and treasury framework, including transactions that may generate income, support targeted accumulation, or adjust exposure in response to market conditions.
Metaplanet acquired an additional 2,823 BTC in Q2. Total holdings: 43,000 BTC. Still climbing. Never stopping. pic.twitter.com/1mCRIf1Uf1
— Simon Gerovich (@gerovich) July 2, 2026
The Income Business Behind the Yield
Metaplanet’s Bitcoin Income Business generated ¥1.75 billion in Q2 FY2026 operating revenue, ¥4.72 billion cumulative for the first half of the fiscal year, and ¥11.4 billion on a trailing-twelve-month basis. The company has not disclosed the specific instruments behind those figures beyond Gerovich’s reference to options and related strategies.
The trend line matters more than any single quarter. A revenue stream that barely factored into Metaplanet’s public reporting a year ago is now large enough to be broken out on its own line, and it lands in the same quarter the company’s BTC Yield metric more than doubled.
That timing is not necessarily coincidental. A treasury company that only buys and holds Bitcoin depends on price appreciation against a fixed or slowly growing share count for yield. Layering options income onto that base gives Metaplanet a lever that does not depend on the market moving in its favor, a design choice distinct from the passive self-custody wallet data CoinLaw tracks for individual BTC holders. It also introduces counterparty and volatility exposure that a pure buy-and-hold strategy does not carry.
Where 43,000 BTC Sits Against the Long-Term Target?
Metaplanet has stated a long-term objective of accumulating approximately 170,000 BTC, roughly 1% of Bitcoin’s total supply. The 43,000 BTC now on the balance sheet puts the company at roughly a quarter of that disclosed goal. At the pace of the most recent quarter, 2,823 BTC, reaching 170,000 would require dozens more quarters of comparable buying. Metaplanet has not published a timeline, and its purchase sizes have varied significantly quarter to quarter.
The ¥659.256 billion total cost basis also frames the scale of capital Metaplanet has now committed. Every additional purchase priced above the cumulative average pulls that blended figure higher; every purchase priced below it, like this quarter’s buy, pulls it down. The disclosure format itself, publishing both figures every quarter, gives shareholders a running scorecard that a simple “total BTC held” headline number does not.
CoinLaw’s Takeaway
Metaplanet is quietly changing what a “Bitcoin treasury company” looks like. The same quarter it spent roughly ¥35.886 billion to lift holdings to 43,000 BTC, its BTC Yield more than doubled to 6.6% and its options-driven income business posted $10.95 million in revenue. In short, the company is no longer just buying and holding Bitcoin, it is now earning money from derivatives built on top of that stash.
That shift matters for investors. A buy-and-hold treasury rises and falls with Bitcoin’s price. An options-income layer adds returns that don’t depend on the market moving up, but it also brings new risks, like counterparty and volatility exposure, that plain accumulation doesn’t have.
The filing doesn’t say whether this tradeoff is a good one. Only that it now exists and is growing. Anyone holding Metaplanet as a simple Bitcoin proxy should watch future TDnet disclosures closely. If the company keeps reporting its spot buying and income strategy separately, investors can see which lever is actually driving returns. If those numbers get blended, that clarity disappears.
