Tokyo-listed Metaplanet has moved into the highest tier of company bitcoin holders after buying 5,075 BTC throughout the first quarter of 2026, a purchase order valued at roughly $398 million.
The corporate disclosed the acquisition on April 2, confirming the purchases had been accomplished by March 31 at a mean value between $78,000 and $79,898 per bitcoin. The newest accumulation brings Metaplanet’s complete holdings to 40,177 BTC, pushing it previous MARA Holdings, which holds about 38,689 BTC following current gross sales tied to debt administration.
MARA did lately promote 15,133 bitcoin for roughly $1.1 billion between March 4 and March 25 as a part of a broader effort to restructure its steadiness sheet. The miner, which is increasing into digital power and AI infrastructure, mentioned the proceeds might be used to repurchase its 0.00% convertible senior notes due in 2030 and 2031.
Metaplanet now ranks because the third-largest publicly traded bitcoin holder, trailing Technique with greater than 762,000 BTC and Twenty One Capital with 43,514 BTC, based on bitcointreasuries.web.
Metaplanet is holding bitcoin at a loss
Regardless of the dimensions of its accumulation, the corporate is sitting on a paper loss. With bitcoin buying and selling close to $66,400 on the day of the announcement, the agency’s holdings carried a market worth of about $2.67 billion, in contrast with a mean price foundation close to $97,593 per BTC. That hole implies an unrealized lack of about 32 p.c.
Metaplanet has signaled it is going to proceed shopping for. Chief govt Simon Gerovich has framed bitcoin as a long-term reserve asset suited to Japan’s inflation situations and yen depreciation. The agency has maintained a gradual acquisition tempo since shifting to a bitcoin-focused treasury technique in April 2024.
To fund purchases, Metaplanet depends on fairness issuance, capital markets exercise, and a rising bitcoin earnings operation. Through the first quarter, the corporate generated about 2.97 billion yen in income from choices methods tied to its holdings. That earnings offsets acquisition prices and lowers the agency’s efficient buy value per bitcoin.
Metaplanet’s development in bitcoin per diluted share
The corporate additionally raised capital twice throughout the quarter via share issuances and warrants bought to institutional traders. A January placement raised about 12.24 billion yen, adopted by a March elevate that introduced in roughly 40.8 billion yen. Proceeds from each choices had been directed towards additional bitcoin accumulation.
Metaplanet tracks efficiency via a metric it calls BTC Yield, which measures development in bitcoin per diluted share. The corporate reported a BTC Yield of two.8 p.c for Q1 2026, a decline from 95.6 p.c in the identical interval final yr when dilution had a smaller impression on the ratio.
Metaplanet started accumulating bitcoin in April 2024 with lower than 100 BTC. Holdings reached 1,761 BTC by the tip of that yr, then expanded to greater than 30,000 BTC by September 2025. The newest quarter extends that trajectory as the corporate scales its treasury mannequin.
The corporate has set a goal of holding 210,000 BTC by the tip of 2027, equal to about 1 p.c of bitcoin’s mounted provide. Reaching that stage would require sustained entry to capital and continued execution of its earnings methods.
Shares of Metaplanet closed at 302 yen, or about $1.89, on April 2, down about 2 p.c on the day, in step with broader market motion.