Metaplanet Buys Another 2,823 BTC, Raising Holdings to 43,000
N.R. Finch
Japan-listed Metaplanet added 2,823 bitcoin for roughly $170.7 million, lifting its total holdings to 43,000 BTC — now the world's third-largest public-company bitcoin holder, running a "stack coins + sell options" playbook that turns its treasury into a cash-flow engine.
How much did they buy and what did it cost?
Metaplanet (Tokyo-listed, ticker 3350) purchased 2,823 BTC at a cost of roughly $170.7 million.
Total holdings now stand at 43,000 BTC, worth approximately $2.6 billion at current prices.
This means → the company is no longer dabbling; bitcoin is a core treasury asset.
Where does that rank globally?
Per Bitcoin Treasuries data, Metaplanet is now the world's third-largest public-company bitcoin holder.
Only Strategy (MSTR) and Twenty One Capital (XXI) hold more.
In plain terms = out of every listed company on earth, just two own more bitcoin than this Japanese firm.
On the day of the announcement, Metaplanet shares closed up 3.5% at ¥207.
Where does the cash come from? The options-income engine explained
Metaplanet's bitcoin-yield business generates recurring cash flow by selling bitcoin options — essentially selling the right to buy or sell its coins to counterparties and collecting the premium.
FY2026 Q2 revenue from this business: roughly ¥1.75 billion (about $10.85 million); first-half total: roughly ¥4.72 billion; trailing twelve months: approximately ¥11.4 billion.
This means → the company isn't just buying and holding; its stack earns income, and that income funds more buying.
Can this model sustain itself? Where is the risk?
The core logic is a twin track: stack more coins on one side, sell options for cash flow on the other — each track feeds the other.
This reflects a Strategy-style leveraged-accumulation playbook, but with an options-income cushion layered on top.
In plain terms = when bitcoin rises, both tracks win; if bitcoin drops sharply, options income may not cover the cost of accumulation and the twin tracks can decouple — whether the two lines stay in sync is the key variable to watch.
Content is for reference only, not financial advice.