Metaplanet just bought another 2,823 Bitcoin, pushing its total stash to 43,000 BTC and making it the world's third-largest corporate Bitcoin holder. $BTC

The Tokyo-listed firm spent roughly $170.7 million on the second-quarter purchase, bringing its holdings to a value near $2.6 billion as of June 30.

That puts it behind only Strategy, which holds more than 847,000 BTC, and Twenty One Capital. Metaplanet now sits ahead of players like MARA Holdings. Shares of the company (ticker 3350) closed 3.5% higher at 207 yen following the announcement.

The average purchase price for the quarter was about $80,000 per Bitcoin, or roughly $77,000 once income from its Bitcoin Income Generation business is counted. That segment brought in about $10.85 million in operating revenue for the quarter. The company's overall average cost basis sits at about $102,500 per BTC, and it reported a BTC Yield of 6.6% for the quarter.

Michael Saylor congratulated the firm publicly, saying it is "proving that the Bitcoin treasury strategy is global." Metaplanet's debt and preferred stock represent about 23% of the net asset value of its Bitcoin, leaving room to keep buying.

If more listed companies follow this playbook, corporate demand for $BTC could keep tightening available supply. But accumulation at this pace also concentrates risk on one balance sheet, and a sustained price drop could pressure firms that leaned on debt to buy.

The takeaway worth saving: watch the BTC Yield metric, not just the headline coin count.

Is 43,000 BTC a buy signal or a warning sign for you? 👇

#Bitcoin #Treasury

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