Metaplanet, the Tokyo-listed firm that pivoted to bitcoin acquisition in 2023, slowed its buying in the second quarter. According to Decrypt, the company added 2,823 bitcoin in Q2, a step down from the 4,000 to 5,000 BTC it had been accumulating each in prior quarters.
The slowdown arrives as the firm's portfolio sits underwater. Metaplanet now holds roughly 43,000 bitcoin, but that stack has dipped below the average price paid per coin. With bitcoin trading near $61,700, the company's holdings sit around $2.65 billion in current value but remain below the total acquisition cost.
Financing the buying spree has required more creative capital moves. Metaplanet has leaned increasingly on debt rather than equity to fund new bitcoin purchases, according to Decrypt. That debt load constrains how aggressively the firm can keep buying without risking balance-sheet stress. The company has not announced liquidation triggers or hedges tied to specific bitcoin price floors.
The pattern mirrors what some other public companies holding bitcoin face: the spread between purchase price and market price narrows options. When a firm commits to regular accumulation and prices fall, the cost per bitcoin drops but the total capital required stays high. Debt servicing costs eat into the flexibility to keep up the original buying schedule.
Metaplanet has not reported any change to its long-term bitcoin strategy, but the Q2 numbers suggest the firm may be hitting constraints that earlier quarters did not. Whether those constraints are temporary, tied to market conditions, or structural remains to be seen in coming earnings reports.