Metaplanet Adds 5,075 BTC in Q1, Becomes Third Largest Bitcoin Treasury

Tokyo-listed Bitcoin treasury company Metaplanet acquired 5,075 BTC during the first quarter of 2026 for approximately $405 million, at an average price of roughly $79,900 per coin, the company announced in its quarterly report Wednesday.

The purchase brings its total holdings to 40,177 BTC—acquired for around $4.18 billion at an average cost basis of $104,106 per coin. This vaults the firm past MARA Holdings into third place among publicly traded corporate Bitcoin holders globally.

Metaplanet now trails only Strategy, which holds more than 762,099 BTC, and Twenty One Capital, which holds 43,514 BTC. The firm also reported a BTC yield of 2.8% year-to-date.

Metaplanet’s “BTC yield” is a self-defined metric, rather than interest or staking returns on held Bitcoin. The firm uses the term to refer to the growth in Bitcoin holdings per diluted share—essentially tracking how effectively the firm is accumulating more BTC relative to its share base.

Strategy, the OG Bitcoin treasury company, uses the same metric. Twenty One Capital used to promote its “Bitcoin Per Share” or BPS metric, but CEO Jack Mallers said on his podcast at the start of the year that the company has stopped using it.

Bitcoin treasury rankings shuffle

Metaplanet’s rise in the rankings owes as much to MARA’s retreat as to its own accumulation. MARA sold roughly 15,000 BTC in March for $1.1 billion to repurchase a portion of its convertible debt at a discount, leaving the miner with approximately 38,700 BTC.

The Tokyo firm’s broader ambitions extend well beyond third place. Under its “555 Million Plan,” Metaplanet is targeting 100,000 BTC by year-end and 210,000 BTC by the end of 2027—a target that would require roughly $10 billion in capital if Bitcoin prices hold steady.

To fund the buying spree, Metaplanet raised $137 million through a share and warrant sale in January, with further potential funding of up to $276 million. The company’s stock, which trades on the Tokyo under the 3550 ticker and over-the-counter as MTPLF, closed at $1.89 (302 yen) on Wednesday. It has dropped roughly 2% on the day—well below its June 2025 peak near 1,930 yen—as shares have struggled to keep pace with the firm’s accumulation ambitions.