--- title: "Metaplanet Keeps Buying Bitcoin as the Treasury Model Faces Doubts" description: "Metaplanet, a Japanese company that has reinvented itself as a bitcoin holder, bought about 2,823 more bitcoin in the second quarter, lifting its stash to roughly 43,000 BTC — one of the largest corporate hoards in the world. It is doubling down on the 'bitcoin treasury' strategy just as skeptics question the model and bitcoin trades well below its buying price." category: "Crypto" category_url: https://boursel.com/category/crypto author: "Sofia Marchetti" published: 2026-07-02T09:44:40.000Z updated: 2026-07-02T09:44:40.000Z canonical: https://boursel.com/article/metaplanet-keeps-buying-bitcoin-as-the-treasury-model-faces-doubts tags: ["bitcoin", "metaplanet", "treasury-companies", "japan", "crypto"] --- # Metaplanet Keeps Buying Bitcoin as the Treasury Model Faces Doubts Metaplanet, a Japanese company that has reinvented itself as a bitcoin holder, bought about 2,823 more bitcoin in the second quarter, lifting its stash to roughly 43,000 BTC — one of the largest corporate hoards in the world. It is doubling down on the 'bitcoin treasury' strategy just as skeptics question the model and bitcoin trades well below its buying price. While one corner of the crypto market is questioning whether companies should hold digital assets at all, Japan's **Metaplanet** is answering by buying more. The company acquired roughly **2,823 bitcoin** in the second quarter, bringing its total holdings to about **43,000 BTC**, [The Block reported](https://www.theblock.co/post/406999/metaplanet-bitcoin-acquisition-q2) — making it one of the world's largest corporate bitcoin holders. Metaplanet has said it aims to accumulate far more, with targets of **100,000 BTC** by the end of 2026 and beyond that in 2027 — an aggressive plan that depends on continually raising money to buy coins. ## Buying high, holding through the dip The timing is awkward. Metaplanet built much of its stash when bitcoin was higher — The Block puts its average cost in the vicinity of **$95,000** per coin — but bitcoin has since fallen to around **$60,000**, after dropping near $58,000 in recent sessions before bouncing, as Boursel has tracked. That leaves the holdings worth meaningfully **less than what the company paid** — on the order of $2.6 billion at current prices against a cost of roughly $4 billion, by The Block's figures. (Bitcoin's price swings mean these paper losses can reverse quickly — or deepen.) Metaplanet is undeterred, and has also pursued **income strategies** around its bitcoin rather than simply holding it. But the core of the bet is unchanged: tie the company's fortunes to a single, highly volatile asset. ## The treasury model under a cloud A **"bitcoin treasury company"** raises money from investors and uses it to hold cryptocurrency on its balance sheet — a model popularized by **Strategy** (formerly MicroStrategy). The pitch is that shareholders get amplified, stock-market-traded exposure to bitcoin's upside. But the strategy is drawing fresh skepticism. As Boursel reported this week, a newer entrant — a company built around the Avalanche token — saw its **stock crash about 73%** since listing, a reminder that these vehicles can fall even faster than the crypto they hold. Metaplanet's case differs in an important way: it holds **bitcoin**, the largest and most liquid cryptocurrency, not a smaller, more volatile token. But the underlying risk rhymes — a company whose value is lashed to a swinging asset, funded by continual capital raises that get harder if the price falls or investor enthusiasm cools. ## Why it matters For **crypto**, Metaplanet's relentless buying is a live test of whether the treasury model is a durable corporate strategy or a bull-market phenomenon now meeting a harder reality. For **investors**, it's a study in the difference between conviction and risk: buying through a drawdown can pay off spectacularly if bitcoin recovers — or compound losses if it doesn't, especially for a company that must keep tapping markets to fund purchases. And for the **broader bitcoin story** Boursel follows — from Strategy's strains to the Avalanche treasury's collapse — Metaplanet is the counterexample still pressing forward, making it one of the clearest gauges of how much faith remains in putting bitcoin at the center of a balance sheet. Boursel gives no investment advice; the takeaway is that the same strategy looks like bold conviction or dangerous concentration depending entirely on where bitcoin goes next — and no one controls that. ## Sources - [Metaplanet adds 2,823 bitcoin in Q2, bringing total to ~43,000 BTC](https://www.theblock.co/post/406999/metaplanet-bitcoin-acquisition-q2)