Metaplanet crossed 43,000 bitcoin on July 2, making it the world's third-largest corporate holder of the asset. The Tokyo-listed company bought 2,823 BTC during the second quarter at an average price near $80,000 per coin, according to the firm's disclosure. That purchase cost roughly $170.7 million and pushed total holdings to $2.6 billion at current valuations.
The climb matters because it shows how far a mid-sized financial services firm can stretch balance sheet capacity. Metaplanet spent 659.25 billion yen ($4.2 billion) to amass the position, and the holdings are valued at 409 billion yen ($2.6 billion) as of June 30. Debt and preferred stock sit at roughly 23% of the net asset value of those Bitcoin holdings, leaving room to keep buying without tapping equity markets for fresh capital.
CEO Simon Gerovich built this position using a two-pronged method: aggressive accumulation funded by debt and options strategies, paired with a Bitcoin Income Generation business that sells options against the treasury to produce recurring cash flow. That income segment generated 1.75 billion yen ($10.85 million) in Q2 revenue alone, and pulled in 11.4 billion yen on a trailing 12-month basis. The optionality lowers the effective cost per coin and provides a hedge against holding risk.
Metaplanet's yield metric, calculated as BTC gained per share, hit 6.6% for the quarter. The company reports this figure as a key indicator for corporate treasury strategies of this type.
The corporate Bitcoin leaderboard is now well defined. MicroStrategy (ticker MSTR) leads with over 847,000 BTC. Twenty One Capital holds second place. Metaplanet takes third, ahead of other large players tracked by Bitcoin Treasuries.
MicroStrategy founder Michael Saylor marked the milestone on X, writing that Metaplanet was proving "the Bitcoin treasury strategy is global." The stock response was muted. Metaplanet shares closed 3.5% higher at 207 yen ($1.28) on the announcement.