Metaplanet's Bitcoin Hoard Hits 43,000 Coins, But Stock Struggles
Metaplanet's efforts to grow its Bitcoin holdings and expand into regulated securities have not yet convinced investors, as the stock remains nearly 80% below its peak.
The company has added thousands of coins to its balance sheet over the past quarter, including a recent purchase of 2,823 Bitcoin for $225 million. This brought Metaplanet's total hoard to 43,000 Bitcoin and increased cumulative acquisition costs to $4.09 billion.
The company's BTC Yield metric, which measures the growth of its crypto holdings relative to fully diluted shares outstanding, rose 6.6% in the second quarter. This has put Metaplanet in rarefied company among publicly traded Bitcoin holders, trailing only Strategy's 818,869 coins and Twenty One Capital's 43,514.
The funding mix behind these purchases is notable for what it lacks: new share issuance. Instead, Metaplanet financed the purchases primarily through credit lines, conventional bond issuance, and options trading proceeds.