Metaplanet's 43,000 Bitcoin: A Record Stack and a $1.5 Billion Book Loss
Published on 07/03/2026 at 02:44 | Redaktion boerse-global.de
Metaplanet’s stock managed a rare bounce on Thursday, climbing nearly three percent to €1.13. But the relief was short-lived. Just two days earlier the shares had scraped a fresh 52-week low of €1.04, and they remain deep in a 49-percent annual slide that has left the company's market capitalisation at just €1.4 billion. The disconnect between the size of its Bitcoin treasury and the price of its equity has never been starker.
The Japanese firm now holds exactly 43,000 Bitcoin, making it the third-largest publicly traded holder of the cryptocurrency worldwide. Only MicroStrategy and Twenty One Capital sit above it, while MARA Holdings has been overtaken. Metaplanet added 2,823 coins in the second quarter, though the pace was the slowest in a year, a sign that raising fresh capital is becoming more difficult.
A €4.2 billion outlay that is underwater
Metaplanet has spent roughly €4.2 billion building its stash, but the current market value of its holdings stands at only €2.6 billion. That leaves a paper loss of €1.5 billion – a burden the company must absorb on its balance sheet. The average purchase price for the entire portfolio is €102,500 per coin, well above the prevailing market level. To turn the tide, Bitcoin needs to climb back above that threshold.
The company’s internal key performance indicator, the so-called Bitcoin yield, came in at 6.6 percent for the latest quarter. That metric reflects the value generated by selling covered call options on its Bitcoin positions, the main source of operating revenue. In the second quarter, that business delivered roughly €11 million in sales – enough to cover running costs, but a drop of 41 percent from the prior period.
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Options income lowers the effective cost base
Metaplanet’s options strategy has a secondary benefit: it continuously reduces the net purchase price of its Bitcoin. After accounting for the options premiums collected, the effective cost per coin fell to around €75,000 in the second quarter. That gives the firm a buffer, but only as long as the options market remains liquid and Bitcoin volatility stays elevated. The realised volatility of nearly 69 percent provides plenty of premium, but it also amplifies the stock’s own wild swings.
The company’s plan, known internally as the 555 million plan, calls for a reserve of 100,000 Bitcoin by the end of 2026. To get there, it still needs to acquire roughly 57,000 more coins in the second half. That will require a fresh injection of capital, most likely through debt instruments that could dilute existing shareholders if issued at unfavourable terms.
The financing puzzle and the technical picture
Management is banking on the upcoming integration of Metaplanet Securities, formerly Siiibo Securities, to open a new channel of regulated Bitcoin financial services in Japan. Analysts see the subsidiary as a potential platform to launch proprietary crypto products and attract institutional clients, diversifying away from pure treasury management. But the near-term funding pressure is acute.
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Chart watchers see little reason for optimism. The Relative Strength Index sits at 37, indicating no meaningful buying interest. The stock trades nearly 50 percent below its 200-day moving average of €2.26, and the 50-day line at €1.50 looms as the first resistance level. A sustained break above that mark would be needed to signal a trend change. Without it, the 52-week low of €1.04 remains the immediate danger zone.
The next major catalyst comes with the autumn update, when Metaplanet is expected to detail the progress of its securities unit and any progress in narrowing the €1.5 billion book loss. For now, the company’s operational cash flow keeps it afloat, but the window to finance the next 57,000 coins is narrowing. The terms of the bonds it can secure will ultimately decide whether the stock can recover or whether the 52-week low is merely a waypoint to lower levels.
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