Japanese investment company Metaplanet acquired 2,823 Bitcoin during the second quarter of 2026, expanding its corporate treasury to 43,000 BTC at an average cost of $106,500 per coin, the company announced July 2.
The purchase reduced Metaplanet’s average acquisition cost from the previous $107,700 per BTC, indicating the coins were acquired below the firm’s existing average. At current valuations, the 43,000-coin position represents approximately $4.5 billion in total acquisition cost.
The accumulation underscores a widening divergence in corporate Bitcoin strategy. While Metaplanet continues aggressive buying, other major holders are retreating. K Wave Media, a Nasdaq-listed South Korean company that secured $1 billion in capital capacity for Bitcoin treasury strategy in July 2025 and previously planned to expand holdings to 10,000 BTC, reversed course entirely. The company sold 88 BTC and used the proceeds to repay $6 million in debt, abandoning its expansion target.
Similarly, Sequans Communications, a France-based semiconductor company, announced May 28 plans to monetize its remaining 658 BTC holdings over time. That announcement triggered a 14.5% surge in Sequans’ share price, suggesting investor approval of the exit.
Metaplanet’s position as one of the world’s largest corporate Bitcoin holders trails only Michael Saylor’s Strategy, which holds the largest corporate Bitcoin treasury globally. In a notable shift, Michael Saylor’s Strategy skipped its usual weekly Bitcoin purchase and unveiled a new capital framework designed to support dividends and expand cash reserves, signaling a change in acquisition pace.
Metaplanet reported $10.95 million in revenue from Bitcoin income generation strategy during Q2, earned through selling cash-secured options and other yield strategies. The revenue generation approach contrasts with pure accumulation strategies, indicating the company is layering yield tactics atop its core holdings.
The market response to Metaplanet’s purchase was muted. The company’s share price rose 3.5% on Thursday following the announcement, though the stock remains down 48% year-to-date. Bitcoin itself has declined 31% year-to-date, creating a headwind for all corporate treasury holders.
Strategic Divergence in Corporate Bitcoin Holdings
The contrast between Metaplanet’s continued accumulation and the exits by K Wave Media and Sequans Communications reflects broader uncertainty about the corporate Bitcoin treasury thesis. K Wave Media’s reversal is particularly stark, given the company’s public commitment to expand holdings after securing $1 billion in capital capacity just months earlier.
Metaplanet’s ability to lower its average acquisition cost despite a volatile market suggests disciplined purchasing during drawdowns. The company’s Q2 revenue from income generation strategies also demonstrates that corporate treasuries can generate returns beyond simple price appreciation, potentially justifying continued holdings even during bear-market conditions.
