Why Is Metaplanet’s Bitcoin Buying Machine Slowing Down?

Metaplanet spent $222 million on 2,823 Bitcoin (BTC) in the second quarter, lifting its treasury to 43,000 BTC] even as its buying pace slowed sharply.

Key Points:

• Metaplanet paid an average of $78,608 per coin for its second-quarter Bitcoin purchases, well below its overall cost basis.
• The 43,000 BTC treasury now sits just behind Twenty One Capital among the largest corporate holders.
• The company still targets 100,000 BTC by year-end, a goal requiring roughly 57,000 more coins in six months.

Metaplanet Bitcoin Purchase Details

The Tokyo-listed company disclosed the purchase on Jul. 2, saying it spent 35.9 billion yen, roughly $222 million, over the three months through June at an average of $78,608 per coin. Its entire stack has cost 659.2 billion yen, about $4.07 billion, since buying began. That works out to roughly $94,792 per Bitcoin, far above where the asset trades today.

The quarter also produced close to $10.9 million in revenue from the company's Bitcoin Income Generation program, an operation that sells options against coins it already holds rather than leaving the treasury idle. First-half revenue from the segment reportedly reached about $29.3 million.

The pace of that buying is cooling fast, though.