- Metaplanet purchased 5,075 BTC in Q1 2026, boosting holdings to 40,177 BTC and overtaking MARA Holdings for third place.
- MARA sold 15,133 BTC for $1.1B to manage debt, reducing its reserves to 38,689 BTC.
- Metaplanet faces a 32% unrealized loss with an average cost of $97,593 per BTC but continues its long-term accumulation strategy.
- The company targets 210,000 BTC by 2027, equal to about 1% of Bitcoin's fixed supply.
Tokyo-listed Metaplanet has vaulted into the elite ranks of corporate Bitcoin holders after a massive acquisition spree in the first quarter of 2026. The company purchased 5,075 BTC, valued at roughly $398 million, according to disclosures made on April 2. The transactions were completed by March 31, with an average price between $78,000 and $79,898 per bitcoin.
This shift highlights the growing corporate adoption of Bitcoin as a reserve asset, particularly in inflationary economies, and could shape institutional investment trends.
This accumulation boosts Metaplanet's total holdings to 40,177 BTC, pushing it past MARA Holdings to claim the third spot. MARA, a miner expanding into digital energy and AI infrastructure, recently sold 15,133 bitcoin for approximately $1.1 billion between March 4 and March 25. The proceeds were used to repurchase convertible senior notes due in 2030 and 2031, part of a broader debt management strategy. MARA now holds about 38,689 BTC.
Corporate Holder Rankings
Metaplanet now ranks as the third-largest publicly traded Bitcoin holder, according to bitcointreasuries.net. Only MicroStrategy, with over 762,000 BTC, and Twenty One Capital, with 43,514 BTC, hold more. This shift underscores a growing trend among corporations adopting Bitcoin as a reserve asset, particularly in inflationary environments and amid currency depreciation.
Metaplanet is now the third-largest corporate Bitcoin holder, defying unrealized losses with a long-term vision.
With Bitcoin trading near $66,400 at the time of the announcement, Metaplanet's holdings carry a market value of about $2.67 billion. However, its average cost basis is around $97,593 per BTC, implying an unrealized loss of roughly 32%. Despite this gap, the company has signaled it will continue buying, framing Bitcoin as a long-term reserve asset suited to Japan's inflation conditions and yen weakness.
Funding Strategy and Performance
To fund its purchases, Metaplanet relies on equity issuance, capital markets activity, and a growing Bitcoin income operation. In the first quarter, it generated about 2.97 billion yen in revenue from options strategies tied to its holdings. This income helps offset acquisition costs and lowers the effective purchase price per bitcoin.
The company also raised capital twice during the quarter through share issuances and warrants sold to institutional investors. A January placement raised approximately 12.24 billion yen, followed by a March raise that brought in roughly 40.8 billion yen. All proceeds were directed toward further Bitcoin accumulation.
Metaplanet tracks performance through a metric called BTC Yield, which measures growth in bitcoin per diluted share. It reported a BTC Yield of 2.8% for Q1 2026, a sharp decline from 95.6% in the same period last year when dilution had a smaller impact on the ratio.
“Bitcoin is a long-term reserve asset suited to Japan's inflation conditions and yen depreciation.”
Market Context and Outlook
The broader crypto market is under pressure, with Bitcoin down 2.5% in 24 hours to $66,855. Other major cryptocurrencies like Ethereum (-2.9%), Solana (-5.1%), and BNB (-6.1%) are also in the red, reflecting a volatile environment. In this context, Metaplanet's strategy stands out for its long-term focus, challenging short-term market fluctuations.
Metaplanet began accumulating Bitcoin in April 2024 with less than 100 BTC. Holdings reached 1,761 BTC by the end of that year and expanded to over 30,000 BTC by September 2025. The company has set a target of holding 210,000 BTC by the end of 2027, equivalent to about 1% of Bitcoin's fixed supply. Achieving this will require sustained access to capital and continued execution of its income strategies.
“Markets are always looking at the future, not the present.”
— Bitcoin Magazine
Shares of Metaplanet closed at 302 yen, or about $1.89, on April 2, down about 2% in line with broader market movement. Despite unrealized losses and market volatility, the firm remains committed to Bitcoin, positioning itself as a key player in corporate crypto adoption.