Metaplanet Clinches Third Spot Among Corporate Bitcoin Holders
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In a significant shift within the corporate cryptocurrency landscape, Metaplanet, noted for its Tokyo listing, has elevated its status to become the third-largest holder of Bitcoin among public companies. This development came about after the firm acquired 5,075 BTC in the first quarter of 2026, amounting to an investment of approximately $398 million.
The company made its latest acquisition known on April 2, noting that the purchases were completed by March 31 at an average price ranging from $78,000 to $79,898 per Bitcoin. This latest collection has pushed Metaplanet’s overall holdings to 40,177 BTC, surpassing MARA Holdings, which currently holds around 38,689 BTC following recent divestments related to its debt management strategies.
MARA Holdings had previously sold 15,133 BTC for about $1.1 billion between March 4 and March 25 as part of a broader initiative to stabilize its financial structure. This mining company is also exploring opportunities in digital energy and artificial intelligence, with plans to utilize the proceeds from their Bitcoin sales to buy back their convertible senior notes due in 2030 and 2031.
With this latest accumulation, Metaplanet now ranks just behind Strategy, which boasts over 762,000 BTC, and Twenty One Capital, holding 43,514 BTC, according to statistics from bitcointreasuries.net.
Interestingly, despite the scale of its Bitcoin holdings, Metaplanet is currently facing an unrealized loss. As of the announcement date, Bitcoin was trading at around $66,400, putting the market value of Metaplanet’s holdings at approximately $2.67 billion. This is significantly lower than their average purchase price of about $97,593 per Bitcoin, indicating a decline of around 32 percent.
However, the company’s leadership remains optimistic about Bitcoin as a long-term reserve asset, particularly in light of inflation in Japan and the depreciation of the yen. Simon Gerovich, the chief executive of Metaplanet, has indicated a commitment to continue acquiring Bitcoin, emphasizing a strategic treasury model that shifted focus to Bitcoin in April 2024.
Metaplanet’s funding strategy for its acquisitions relies on a mix of equity issuance, capital market activities, and revenue generated from Bitcoin-related operations. In the first quarter alone, the company reported about 2.97 billion yen in income from its options strategies associated with its Bitcoin holdings, which helps to soften the financial impact of their acquisitions.
The firm also has a unique way of assessing its performance, utilizing a metric it terms BTC Yield to track the growth of Bitcoin per diluted share. For the first quarter of 2026, Metaplanet reported a BTC Yield of 2.8 percent, a marked decrease from 95.6 percent in the same quarter the previous year when dilution was less pronounced.
Metaplanet’s foray into Bitcoin began in April 2024 with a modest holding of under 100 BTC. By the end of that year, the firm had expanded its holdings to 1,761 BTC, and it surged beyond 30,000 BTC by September 2025. The latest quarter reflects continued growth as the corporation advances its treasury strategy.
Looking ahead, Metaplanet has set an ambitious goal to hold 210,000 BTC by the close of 2027, which would represent about 1 percent of Bitcoin’s total supply. Achieving this target will necessitate sustained capital inflows and the ongoing success of its income-generating strategies.
As of April 2, shares of Metaplanet were trading at 302 yen, approximately $1.89, experiencing a modest decline of about 2 percent, consistent with broader market trends.
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Gregory Russell
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