Metaplanet Slashes Bitcoin Purchases to a Snail’s Pace as Securities Pivot Opens New Funding Route
Published on 07/04/2026 at 17:29 | Redaktion boerse-global.de
Japan’s corporate Bitcoin heavyweight has put the brakes on its buying spree. Metaplanet acquired just 2,823 tokens in the second quarter of 2026, the smallest quarterly haul in a year and worth roughly $222 million. The slowdown leaves total holdings at 43,000 coins – a respectable stack, but one that leaves the company miles short of its 100,000-token target by end of next year.
The silver lining lies in the purchase price. Metaplanet paid an average of 12.7 million yen per coin this quarter, well below its historical average cost of 15.3 million yen. That discount chips away at the overall cost base, even as the portfolio nurses a whopping $1.5 billion unrealized loss. At the end of June, the stash was worth around $2.5 billion, against an original outlay of more than $4 billion.
A Funding Model in Flux
The company has shifted its financing approach sharply. Rather than flooding the market with new shares, it turned to loans, bonds and options income for the latest purchases. That strategy protects existing shareholders, but it depends on the stock price staying above the value of the Bitcoin being held. So far the equation is ugly: the equity closed Friday at €1.23, up 8% on the day but down 87% over the past twelve months and 45% below its 200-day moving average.
Options revenue, a key cash source, tumbled 41% quarter-on-quarter. Still, the operation managed to generate about $10 million in the second quarter alone. Management insists the drop is a normal market fluctuation and reaffirmed full-year guidance. On the operating side, Metaplanet booked first-quarter revenue of roughly $19.5 million – a tripling year-on-year – and an operating profit margin of 73.6%. For the full year, it targets a profit of $72 million.
Should investors sell immediately? Or is it worth buying Metaplanet?
Getting Into the Securities Game
To diversify its funding toolkit, Metaplanet is buying Siiibo Securities for ¥2.1 billion. The deal is expected to close on July 13 and will turn the broker into a wholly owned subsidiary. It marks the launch of “Project Nova,” an ambition to build a full-fledged Bitcoin financial-services ecosystem. The acquisition offers a fresh channel to generate returns directly from the cryptocurrency pile, potentially relieving some of the pressure on the debt-financed buying strategy.
That debt burden is already substantial. Of the $500 million credit line secured earlier, $302 million has been drawn down. To reach the 100,000-coin goal, the company needs to find funding for another 57,000 tokens. New debt or equity issuance could further dilute current shareholders, though management has signaled it will only sell shares when market conditions are favorable – a condition that has rarely been met in recent months.
High Wire Without a Safety Net
The stock’s wild swings tell the story. Its 52-week range stretches from €1.04 to €9.42, a volatility of around 73%. A 24% Bitcoin rout earlier in the year triggered a $728 million book loss in a single quarter. While no cash changed hands, the exposure is stark: a balance sheet built almost entirely on one wildly fluctuating asset.
Metaplanet at a turning point? This analysis reveals what investors need to know now.
Technically, traders are watching two levels. A sustained move above the 50-day moving average at €1.49 could signal a trend reversal. A drop back to the €1.04 low would cement the bear market. The stock now trades about 17% below that 50-day line, at a market capitalization of €1.44 billion – a deep discount to the value of the Bitcoin it holds.
For the bull case to prevail, Bitcoin must rally in the second half of the year, turning the debt into a powerful upside lever. The operating profit provides a floor, but a prolonged crypto downturn would accelerate the descent. The next big test comes in the third quarter, when the market will scrutinize any fresh debt announcements as a gauge of near-term liquidity. Until then, Metaplanet’s coin-buying machine is running on fumes – and a new securities arm that has yet to prove its worth.
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