Metaplanet Plans Massive Bitcoin Push After $398M Q1 Buy, Climbs Corporate Rankings

Tokyo-listed Metaplanet has rapidly climbed the ranks of corporate Bitcoin holders after acquiring 5,075 BTC in the first quarter of 2026, a purchase worth roughly $398 million. The move cements the firm’s position among the largest publicly traded companies holding Bitcoin as part of their treasury strategy.

The company confirmed on April 2 that the purchases were completed by March 31, with an average acquisition price ranging between $78,000 and $79,898 per BTC. This latest buy lifts Metaplanet’s total holdings to 40,177 BTC, allowing it to surpass MARA Holdings, which currently holds around 38,689 BTC following recent asset sales.

MARA had offloaded 15,133 BTC between March 4 and March 25, generating approximately $1.1 billion. The firm stated the funds would be used to repurchase its zero-interest convertible senior notes due in 2030 and 2031, as part of a broader balance sheet restructuring tied to its expansion into AI infrastructure and energy.

With its latest accumulation, Metaplanet now ranks as the third-largest public Bitcoin holder, trailing Strategy and Twenty One Capital, which hold over 762,000 BTC and 43,514 BTC respectively.

Despite the aggressive buying, the company is currently underwater on its Bitcoin position. With Bitcoin trading near $66,400 at the time of disclosure, Metaplanet’s holdings are valued at around $2.67 billion, compared to an average cost basis of roughly $97,593 per BTC—leaving it with an unrealized loss of about 32%.

Still, CEO Simon Gerovich remains committed to the strategy, positioning Bitcoin as a long-term reserve asset amid Japan’s inflation pressures and a weakening yen. Since pivoting to a Bitcoin-focused treasury model in April 2024, the firm has steadily expanded its holdings.

To sustain its buying pace, Metaplanet has leaned on capital markets and innovative income strategies. During Q1, it generated approximately 2.97 billion yen in revenue through options trading tied to its Bitcoin reserves—helping offset acquisition costs and improve its effective purchase price.

The company also raised fresh capital twice during the quarter. A January share issuance brought in about 12.24 billion yen, followed by a March raise of roughly 40.8 billion yen through warrants sold to institutional investors. Both rounds were directed toward further Bitcoin accumulation.

Metaplanet tracks its performance using a metric called BTC Yield, which measures Bitcoin growth per diluted share. For Q1 2026, BTC Yield came in at 2.8%, a sharp drop from 95.6% a year earlier, largely due to increased dilution from capital raises.

The firm’s Bitcoin journey has been swift. Starting with under 100 BTC in April 2024, it grew to 1,761 BTC by the end of that year and surged past 30,000 BTC by September 2025. The latest quarter reinforces its aggressive expansion trajectory.

Looking ahead, Metaplanet has set an ambitious goal of holding 210,000 BTC by the end of 2027—equivalent to roughly 1% of Bitcoin’s total supply. Achieving that target will depend heavily on continued access to funding and the success of its yield-generating strategies.

Shares of Metaplanet closed at 302 yen (around $1.89) on April 2, slipping about 2% on the day, mirroring broader market weakness.