Metaplanet Reaches 43,000 BTC, Third-Largest Corporate Treasury Amid Revenue Decline
Metaplanet acquired 2,823 BTC in Q2 to reach 43,000 total holdings, making it the world's third-largest corporate Bitcoin treasury behind MicroStrategy and Twenty One Capital. The expansion comes as the firm's Bitcoin income revenue fell 41% quarter-over-quarter.
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Treasury Expansion to 43,000 BTC
Metaplanet added 2,823 Bitcoin in the second quarter, bringing its total holdings to 43,000 BTC, according to the company's Q2 disclosure. The firm acquired the Bitcoin at below its average cost basis, according to 99Bitcoins reporting. This positions Metaplanet as the world's third-largest corporate Bitcoin holder, behind MicroStrategy and Twenty One Capital.
Revenue Contraction Raises Questions
While expanding its treasury, Metaplanet reported a 41% quarter-over-quarter decline in Bitcoin income revenue for Q2 FY2026, according to 99Bitcoins. The revenue source and composition of that income—whether from mining operations, lending, staking, or other activities—were not detailed in the available reporting. The simultaneous growth in treasury holdings and contraction in revenue creates a gap in the narrative around how the firm is funding its Bitcoin acquisitions.
Ranking Among Corporate Holders
Metaplanet now holds more Bitcoin than any other publicly traded company except MicroStrategy, which holds approximately 252,000 BTC, and Twenty One Capital, a larger Bitcoin treasury holder. The ranking underscores the accelerating corporate accumulation trend among publicly listed entities seeking to hedge against currency debasement or position Bitcoin as a treasury reserve asset.
Why It Matters
For Traders
Metaplanet's Q2 accumulation at below-average cost suggests bullish positioning by a major corporate treasury, though the revenue decline warrants monitoring for funding sustainability.
For Investors
The gap between rising BTC holdings and falling Bitcoin income revenue raises questions about the firm's profitability model and whether acquisition pace is sustainable without revenue growth.
For Builders
Large corporate treasuries accumulating Bitcoin at scale signal continued institutional demand for on-chain settlement and custody infrastructure at scale.
This article is for information only and is not financial advice. Read the full disclaimer.
