Metaplanet’s much-watched Bitcoin income machine has hit a slower gear. On July 2, the Tokyo-listed company (TSE: 3350 / OTCQX: MTPLF) disclosed that its Bitcoin Income Generation business recorded ¥1.747 billion in operating revenue for the second quarter of the fiscal year ending December 31, 2026, roughly $11 million, and a sharp step down from recent quarters. It brought first-half FY2026 revenue from the business to ¥4.717 billion. Alongside this disclosure, Metaplanet announced acquiring 2,823 more Bitcoin at an average of 12.7 million yen per BTC, pushing total holdings to 43,000 BTC with an overall cost basis of 15.3 million yen per BTC. For a firm that has turned Bitcoin options into a signature part of its treasury strategy, the quarter is a useful reality check on just how variable that income stream can be. Metaplanet’s Bitcoin income machine faces slower growth, sparking concerns over its treasury strategy’s long-term viability The company’s Bitcoin holdings will continue to grow, with a target of 210,000 BTC by 2027, despite current unrealized losses Metaplanet’s guidance remains unchanged, signaling confidence in its financial model and a shift towards active yield g