Metaplanet Becomes World’s Third Largest Public Bitcoin Holder With 43,000 BTC

What to Know

• Metaplanet acquired 2,823 Bitcoin reaching 43,000 holdings globally this quarter.
• Debt financing and options profits funded continued Bitcoin accumulation efficiently.
• Shares still trade below Bitcoin reserve value despite milestone ranking.

Japanese investment firm Metaplanet has become the world’s third-largest publicly traded Bitcoin holder after increasing its treasury to 43,000 BTC. According to the company’s latest quarterly update, the milestone places the firm behind only two U.S. companies and strengthens its position among corporate Bitcoin investors.

The company purchased 2,823 BTC during the second quarter of 2026 for 35.886 billion Japanese yen. Instead of issuing new shares, Metaplanet financed the acquisition mainly through loans and ordinary bond issuances. Consequently, the company expanded its Bitcoin holdings without diluting existing shareholders.

Additionally, Metaplanet reported that its Bitcoin options trading division generated $10.95 million in net profit during the quarter. It directed those earnings toward additional Bitcoin purchases, helping lower the effective acquisition cost of its expanding treasury.

Today, the company’s Bitcoin reserve carries an estimated market value of roughly 409 billion yen. Over the past two years, however, Metaplanet has spent approximately 659 billion yen building one of the world’s largest corporate Bitcoin portfolios.

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Bitcoin yield grows as treasury expansion continues

Besides increasing its holdings, Metaplanet continued monitoring its internal BTC Yield metric, which measures the Bitcoin allocated to each investor’s share. During the second quarter, BTC Yield rose by 6.6%, improving from 2.8% recorded earlier this year. However, the pace of growth has slowed as the treasury has become significantly larger. Each additional Bitcoin purchase now contributes a smaller proportional increase because the company already holds 43,000 BTC.

Even so, the latest acquisition allowed Metaplanet to overtake MARA Holdings, whose treasury currently stands at 36,303 BTC. Moreover, the Japanese company now needs only 514 additional Bitcoin to move into second place among public corporate holders. The achievement reflects how quickly Metaplanet has climbed the global rankings. In only two years, the company built its Bitcoin reserve from zero into one of the largest corporate holdings worldwide.

Market valuation remains below Bitcoin holdings

Despite reaching a global top-three position, Metaplanet’s stock continues trading below the value of the Bitcoin it owns. According to the latest figures, the company’s shares trade at an estimated 16% discount to the market value of its Bitcoin reserves. Its reported mNAV ratio currently stands at 0.84. That valuation means investors can gain exposure to the company’s Bitcoin holdings at a price below their estimated market worth.

By comparison, Strategy, the world’s largest corporate Bitcoin holder, continues trading at an estimated 8% premium to the value of its Bitcoin treasury. Consequently, Metaplanet presents a different valuation profile despite holding one of the largest corporate digital asset reserves globally.

Metaplanet’s latest purchase has strengthened its position among public companies investing in Bitcoin while moving it closer to second place globally. Although its Bitcoin treasury continues expanding through debt financing and trading profits, the market still values its shares below the underlying value of its digital asset holdings.

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