Metaplanet Adds 2,823 BTC, Lifts Holdings Above 43,000

Japanese investment firm Metaplanet continued its corporate Bitcoin buildout in the second quarter, adding 2,823 BTC at an average price of about 12.71 million yen (roughly $78,850 at current exchange rates). The purchase pushed the company’s total holdings above 43,000 Bitcoin, while slightly lowering its average acquisition cost.

Separately, the story also highlights a contrasting trend among some smaller treasury-focused companies. South Korean firm K Wave Media exited its Bitcoin treasury strategy after selling its remaining BTC to address debt, while France-based Sequans Communications previously said it would monetize its remaining holdings over time.

Key takeaways

• Metaplanet bought 2,823 BTC in Q2, bringing its total to more than 43,000 BTC and reducing its average cost per coin.
• The latest tranche was acquired at an average price of about 12.71 million yen per BTC, lowering Metaplanet’s average acquisition cost to roughly $95,117.
• Metaplanet reported about $10.95 million in quarterly revenue linked to Bitcoin income-generation strategies involving options premiums and related yield methods.
• K Wave Media sold its last 88 BTC to repay debt, ending its Bitcoin treasury approach after earlier plans to expand holdings.
• Not every corporate treasury is expanding: Sequans Communications previously signaled that it would monetize its remaining Bitcoin holdings over time.

Metaplanet expands holdings and refines its cost base

According to a Thursday announcement from Metaplanet, the company acquired 2,823 Bitcoin during the second quarter at an average price of about 12.71 million yen per BTC. That figure matters because it was below Metaplanet’s prior average purchase price, enabling the firm to reduce its blended cost basis.

The acquisition lowered Metaplanet’s average acquisition cost to about $95,117 per BTC, down from approximately $96,258 previously. Metaplanet’s total Bitcoin holdings now stand at 43,000 BTC acquired for an aggregate value of about $4.1 billion, based on the figures in the company’s announcement.

Beyond accumulation, Metaplanet also disclosed quarterly performance tied to its Bitcoin income strategy. The company reported around $10.95 million in revenue from Bitcoin-related activities during the quarter. The approach, as described in the announcement, centers on earning premiums by selling cash-secured options and deploying other Bitcoin yield tactics.

For investors, the combination of spot purchases and options-based income generation is a key part of how treasury-style Bitcoin companies attempt to justify their equity valuations. When Bitcoin’s price is volatile, these revenue mechanisms can, in theory, partially offset drawdowns—though the net effect depends on execution, market conditions, and counterparty or strategy risks (none of which are detailed in this particular excerpt).

Shares move, but the broader performance picture remains uneven

Metaplanet’s equity performance reflected modest market optimism around the filing. The company’s shares closed Thursday up 3.5%, though the stock remains down about 48% year-to-date, according to the linked market page cited in the source text.

That underperformance also stands out against Bitcoin itself, which the source notes fell 31% over the same year-to-date period. The contrast underscores a persistent reality for corporate Bitcoin holders: even when a company keeps buying and building a large BTC position, investors may still reprice the stock due to factors like equity dilution risk, funding costs, valuation assumptions, or the market’s perception of how sustainable treasury income is.

The Metaplanet update comes during an ongoing push by several corporate buyers—yet the story is not purely one-directional, as other firms are trimming exposure.

Treasury strategies: K Wave Media exits after selling remaining BTC

While Metaplanet added Bitcoin, K Wave Media—an Nasdaq-listed company in South Korea—went in the opposite direction. The company sold its remaining 88 BTC to repay $6 million in debt, exiting its Bitcoin treasury strategy, according to a Tuesday filing with the U.S. Securities and Exchange Commission.

The SEC filing indicates a sharper reversal than what the company had previously communicated. Earlier coverage referenced in the source text describes K Wave Media’s July 2025 announcement that it secured $1 billion in capital capacity to drive its Bitcoin treasury strategy and aimed to expand holdings to 10,000 BTC. Exiting after holding only 88 BTC suggests the original plan ran into constraints—whether financial, operational, or strategic—though the excerpted material does not specify the reasons.

This kind of turnaround is important for readers because it highlights a mismatch risk that can exist in treasury models: plans premised on sustained capital access, favorable volatility, and consistent BTC purchase economics may not survive changing market conditions or debt obligations.

Other companies continue to monetize rather than accumulate

The source also points to Sequans Communications, a France-based semiconductor company that said in May it would monetize its remaining Bitcoin holdings over time. At the time of that announcement, Sequans reported holding 658 BTC, and its shares reportedly rose about 14.5% after the disclosure.

Taken together with K Wave Media’s decision to exit, the broader takeaway is that corporate Bitcoin strategies are diverging. Some companies are doubling down through additional spot buying and structured income strategies, while others are winding down exposure, using Bitcoin holdings to address liabilities, or planning to gradually convert BTC into cash.

Even within the same sector, these choices can produce very different investor outcomes depending on each firm’s balance sheet, debt profile, and how its equity market values the “BTC treasury” thesis.

Looking ahead, investors should watch whether Metaplanet can sustain its Bitcoin income-generation revenue while continuing to manage its cost basis, and whether other treasury-focused firms follow K Wave Media and Sequans toward monetization or debt reduction. The key uncertainty across all these cases remains whether corporate models that rely on both holding BTC and generating yield can hold up as market conditions and financing access evolve.