Japanese corporation Metaplanet has officially entered the top 3 largest public holders of Bitcoin in the world. In just two years, the company built a giant digital reserve from scratch and now holds 43,000 BTC, trailing only two American giants on the global stage.
After a brief pause, Metaplanet returned to the market and bought another 2,823 BTC over Q2 2026, spending 35.886 billion yen on this purchase.
Instead of printing new shares and diluting existing investors, the purchases were financed mainly through loans and the issuance of ordinary bonds. In addition, the company’s specialized division traded Bitcoin options and generated $10.95 million in net profit.
This money was also used to buy coins, which helped reduce the real cost of each new Bitcoin below the market price.
Today, Metaplanet’s entire Bitcoin vault is valued at roughly 409 billion yen. At the same time, the company’s total spending on all these coins over the past two years amounted to about 659 billion yen.
The company’s main internal performance metric is BTC Yield. It shows how much more Bitcoin is allocated to each investor’s share. Over the quarter, this figure increased by 6.6%.
This is better than at the beginning of the year, when growth stood at 2.8%, but the overall pace is clearly slowing. The reason is simple: when there are already 43,000 BTC in the vault, each new thousand increases investors’ overall share much more slowly than at the very beginning of the journey.
Overtaking MARA, but trading at a discount
In the global ranking by BitcoinTreasuries.net, the Japanese company has caused a real sensation. Metaplanet officially overtook American MARA Holdings with its 36,303 BTC and now needs just 514 more coins to reach second place in the world.
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However, the paradox lies in investor sentiment, as Metaplanet shares on the Tokyo Stock Exchange are currently trading at a 16% discount to the value of its Bitcoin, and its mNAV ratio stands at 0.84. In simple terms, by buying the company’s shares on the exchange, an investor gets the Bitcoin inside it cheaper than its real market price.
For comparison, global Bitcoin treasury leader Strategy trades at an 8% premium to its reserves. In the context of the Asian market, this is a unique precedent — the company has built a colossal digital reserve, but the market still values it below the worth of the contents of its own wallet.
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