Metaplanet Hits 40K BTC, Becomes Third-Largest Holder
The Tokyo-listed firm added over 5,000 Bitcoin in Q1, pushing its treasury above 40,000 BTC and reshaping the public company rankings.
Tokyo-based investment firm Metaplanet has significantly expanded its Bitcoin holdings, acquiring 5,075 BTC in the first quarter of 2026 and bringing its total treasury to 40,177 BTC as of March 31.
According to a company disclosure, the latest purchases were made at an average price of approximately $79,898 per Bitcoin, representing a total outlay of around $405.5 million. This raises the firm’s cumulative Bitcoin investment to roughly $4.2 billion, with an average acquisition cost of $104,106 per BTC across its entire holdings.
CEO Simon Gerovich confirmed the update in an April 2 X post, highlighting the company’s continued commitment to expanding its Bitcoin-focused treasury strategy.
The latest accumulation builds on Metaplanet’s position entering 2026 with 35,102 BTC, following its previous purchase at the end of December 2025.
Dual Strategy: Treasury Growth and Income Generation
Metaplanet is not solely relying on direct market purchases to grow its Bitcoin reserves. The firm is simultaneously operating a “Bitcoin income” business, designed to generate revenue through structured financial strategies.
In the first quarter alone, this segment produced 2.97 billion Japanese yen (approximately $18.6 million) in revenue. The strategy leverages collateralized Bitcoin options within a segregated portfolio, allowing the company to earn yield without directly impacting its long-term holdings.
The company explained that this income stream plays a strategic role in its accumulation model:
“Within this framework, the revenue generated by the income business will be used as part of our Bitcoin acquisition funds, potentially contributing to a reduction in the effective acquisition cost of Bitcoin acquired during the same period.”
This two-track approach—combining long-term treasury accumulation with active income generation—positions Metaplanet differently from many other public Bitcoin holders that rely primarily on spot acquisitions.
Key Performance Metrics Signal Slower Momentum
Despite the strong accumulation, some internal metrics point to a moderation in growth pace compared to previous quarters.
- BTC Yield (change in BTC holdings relative to diluted shares): 2.8% in Q1
- BTC Gain (net increase adjusted for dilution): 876 BTC, down from 3,672 BTC in Q4 2025
These figures suggest that while the company continues to expand its holdings, the rate of growth has slowed compared to the previous quarter.
At the same time, the Bitcoin income segment has become increasingly important. For context:
- Full-year 2025 revenue from the segment: ~$53.7 million
- Trailing 12-month revenue: ~$71.5 million
This indicates a rapid scaling of the income-generating strategy, reinforcing its role in supporting further Bitcoin accumulation.
Ambitious Plan Targets 210,000 BTC
The Q1 purchases come shortly after Metaplanet secured $531 million in additional funding capacity, aimed at accelerating its long-term goal of accumulating 210,000 BTC.
Beyond treasury expansion, the company is also broadening its footprint across the digital asset ecosystem. Recent initiatives include:
- Launching venture capital and asset management subsidiaries
- Investing in Japan’s stablecoin ecosystem, including JPYC
- Developing infrastructure to support Bitcoin-focused financial products
This diversification signals a shift toward becoming a full-spectrum digital asset investment firm, rather than a pure treasury vehicle.
Public Company Rankings Shift
Metaplanet’s latest acquisition has reshaped the leaderboard of public Bitcoin holders. According to data compiled by CryptoPulse’s Treasury Tracker, Metaplanet now ranks as the third-largest Bitcoin holder among publicly traded companies.
It trails only:
- Strategy, led by Michael Saylor, with 762,099 BTC
- Twenty One Capital, backed by Tether, holding 43,514 BTC
The ranking shift follows notable movements among competitors. MARA Holdings, a major Bitcoin mining company, sold 15,133 BTC (worth approximately $1.1 billion) during March 2026, reducing its holdings to 38,689 BTC and dropping behind Metaplanet.
Meanwhile, other market participants are also adjusting their exposure. Investment firm Nakamoto disclosed that it sold 284 BTC for $20 million in March and significantly reduced its stake in Metaplanet during the quarter, reportedly at a loss.
Market Sensitivity Remains a Key Factor
The recent reshuffling highlights how public Bitcoin treasury companies remain highly sensitive to market conditions, particularly price volatility and capital access.
While some firms, like Metaplanet, are aggressively accumulating, others are trimming positions to manage risk or liquidity needs. This divergence reflects different strategic approaches to Bitcoin exposure, ranging from long-term conviction plays to more tactical capital management.
Metaplanet’s model—combining structured income generation with sustained accumulation—may offer a more resilient framework in volatile conditions. By effectively lowering its acquisition cost through options-based revenue, the company aims to maintain growth even during uncertain market phases.
A Defining Moment for Corporate Bitcoin Adoption
Metaplanet’s rapid ascent into the top tier of public Bitcoin holders underscores a broader trend: corporate adoption of Bitcoin as a strategic reserve asset is accelerating and evolving.
However, the contrasting actions of other firms also reveal a more complex reality. Treasury strategies are no longer uniform, and success increasingly depends on capital efficiency, risk management, and innovation in financial structuring.
As competition intensifies, Metaplanet’s ability to execute its ambitious 210,000 BTC target—while sustaining revenue growth—will likely serve as a key test case for the next phase of institutional Bitcoin adoption.
