Metaplanet trimmed the pace of its bitcoin purchases in the second quarter but continued to build its position, adding 2,823 BTC and taking total holdings to 43,000 coins, the Japanese investment company said in a June disclosure. The company spent about ¥35.9 billion (roughly $222 million) on the quarter's purchases, implying an average cost of around $78,608 per BTC and marking its smallest quarterly addition in a year. The slowdown stands out against last year's more aggressive accumulation, including a 17,473 BTC purchase in Q3 2025. Management still points to long-term targets of 100,000 BTC by end-2026 and 210,000 BTC by end-2027, milestones that appear more difficult to hit after the pullback. Metaplanet's balance sheet highlights the pressure behind the shift. As of June 30, the firm marked its 43,000 BTC at about ¥409 billion ($2.5 billion), well below the ¥659 billion ($4.07 billion) it has paid, leaving an unrealized loss of about $1.5 billion. Bitcoin fell more than 20% over the quarter and ended June near $58,800, according to CoinGecko. To fund buying, Metaplanet leaned more heavily on debt, including credit facilities and ordinary bond issuance. It also generated about $10.95 million from a "Bitcoin Income Generation" options program. The firm said it has issued new common shares only when its market capitalization exceeded the value of its bitcoin holdings. That constraint is increasingly important for bitcoin-treasury companies that rely on trading at a premium to net asset value (mNAV). When the premium compresses, raising equity to buy additional bitcoin can become uneconomic and dilutive. Sector-wide mNAV premiums have been shrinking, reducing the appeal of equity-funded accumulation. Metaplanet's experience mirrors broader pressures. Strategy, the early bitcoin-treasury adopter, recently said it could sell up to $1.25 billion of bitcoin to bolster liquidity and would pause equity raises for bitcoin purchases unless it returns to trading at a premium, after its mNAV slipped to 0.99. Even as purchases eased, Metaplanet expanded its bitcoin-related business. It launched a venture arm, acquired a Japanese securities firm to develop bitcoin-linked yield products, reported a first-quarter loss of ¥??? (reported) $725 million, and postponed a planned preferred-share sale. The company said the Q1 loss was reported by Metaplanet, and the preferred-share delay was disclosed alongside its filings. Market reaction has been limited. Metaplanet's U.S. OTC shares (MTPLF) rose 2.4% to $1.27 on Wednesday ahead of the filing, while its Tokyo-listed stock (3350) closed Thursday at ¥207 ($1.28). Metaplanet continues to prioritize bitcoin accumulation, but rising unrealized losses, a weaker BTC price and tighter mNAV premiums are pushing it toward a more conservative capital strategy—making its 2026–2027 targets look more aspirational than assured.