Metaplanet outpacing Strategy in Bitcoin accumulation momentum

Debt beats dividends

I view the 2,823 BTC purchase in Q2, which cost $170.7 million, as the primary driver behind Metaplanet’s ascent to the third-largest public Bitcoin treasury. This acquisition brought its total holdings to 43,000 BTC, valued at $2.6 billion, as the company targets 210,000 BTC by 2027. While Metaplanet relies on cheap yen debt and ordinary bonds, Strategy recently sold 3,588 BTC for $216 million to meet a preferred stock dividend obligation. You already know that Strategy holds 843,775 BTC, yet its need to liquidate assets for cash flow creates a different risk profile than Metaplanet’s fixed maturity dates. Metaplanet’s strategy uses yen-denominated borrowing to exploit a weak currency, whereas Strategy manages a massive USD-denominated stack. This purchase of 2,823 BTC at an average price of ¥12.71 million per coin, or roughly $79,700, reflects a massive scale in accumulation. Metaplanet also reported a 6.6% BTC yield for the quarter. The firm holds 43,000 BTC, which surpassed the 40,177 BTC held at the end of March. Metaplanet’s current Bitcoin holdings, worth $2.6 billion, place it as the third-largest public company holder of Bitcoin globally.

The yield engine

Metaplanet’s Bitcoin Income Generation business produced 1.75 billion yen in operating revenue during the second quarter of FY2026. This division uses Bitcoin options and lending to create cash flow, and this generated $55 million in revenue for the 2025 fiscal year. I find the comparison between these two models useful for judging which company maintains better momentum. Metaplanet’s revenue from Bitcoin-based strategies grew with a quarterly compounded rate of 57% throughout 2025, expanding from roughly $4.3 million in Q4 2024 to about $26.5 million in Q4 2025. On a trailing 12-month basis, revenue reached approximately 11.4 billion yen. Metaplanet’s acquisition of Siiibo Securities cost $13.1 million in cash to build a regulated route for Bitcoin-linked bonds. The company’s strategy relies on its ability to monetize volatility through options and lending, aiming to provide Bitcoin-related yield products to investors across Japan. Can Metaplanet sustain this rapid percentage growth as its total stack increases?

Managing the stack

Metaplanet’s plan to issue 24.53 million new common shares at 499 yen each, alongside 15.94 million potential additional shares via warrants, aims to fund further Bitcoin accumulation while it reduces its $280 million outstanding debt load. This capital raise, which targets 21 billion yen, aims to fund further Bitcoin purchases while it eases the pressure from its existing debt. The issuance of 15.94 million potential additional shares through warrants could dilute common shareholders. I view the move to prioritize debt repayment over immediate, massive purchases as a disciplined way to manage the balance sheet. Strategy’s recent sale of well under half a percent of its position proves its ability to handle obligations, but Metaplanet’s model avoids the recurring cash drain of preferred dividends entirely. Metaplanet earmarked 5.2 billion yen from its initial proceeds for partial repayment of existing debt, and the initial upfront proceeds should reach 12.24 billion yen. The warrants carry a fixed exercise price of 547 yen and can be exercised over a one-year period. This issuance results in a 5% premium to the previous close. Metaplanet’s total debt reached $280 million according to its dashboard. The capital raise targets 21 billion yen, a pace that moves the firm past the quarterly momentum seen in Strategy’s debt movements.