Metaplanet’s 100k BTC Bet: Why Its Stock Is Cratering While It Loads Up on Bitcoin and Buys a Japanese Brokerage

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By: Christian Pierce

Metaplanet’s latest Bitcoin purchase has landed in a confusing corporate moment. The firm added 2,823 BTC to its treasury. That pushed total holdings to 43,000. But its stock is down nearly 49% so far in 2026. Investors keep asking the same question. Is this a disciplined long-term play? Or a desperate bet to prop up shares?

Let’s lay out the hard numbers from the latest quarterly report. Metaplanet spent 35.89 billion yen on the latest BTC purchase. The average price per coin exceeded 12.7 million yen during the quarter. That brought its overall average acquisition cost down to 15.3 million yen per BTC, from 15.5 million yen before the purchase. The firm has dropped a total of 659 billion yen on its Bitcoin treasury program so far. It also pulled in $10.95 million from Bitcoin-related income generation activities this quarter. After deducting that revenue, the net effective acquisition cost for the quarter fell to 34.14 billion yen. Metaplanet still needs 57,000 more BTC to hit its 100,000 BTC target by the end of 2026. On top of that, the firm agreed to buy Siiibo Securities for $13 million. The deal will close in July 2026, and the subsidiary will rebrand as Metaplanet Securities.

This isn’t just a Bitcoin treasury play anymore. The Siiibo acquisition is the first step under Project Nova. The firm’s plan is to build a Bitcoin-focused financial network across Japan. The stock’s slump isn’t a vote against Bitcoin itself. It’s a reaction to the gap between short-term share performance and long-term bets. Metaplanet is sticking to its accumulation strategy regardless of market mood. The real test will come when it deploys those 57,000 remaining BTC holdings. It will either use them to fund financial expansion, or cash out to cover operational costs.

Author bio: Christian Pierce, chief financial columnist and markets commentator with 15 years covering digital asset and corporate treasury strategies.