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Metaplanet Surpasses MARA Holdings to Become Third-Largest Corporate Bitcoin Holder

Tokyo-listed Metaplanet has moved into the top tier of corporate bitcoin holders after acquiring 5,075 BTC during the first quarter of 2026, a purchase valued at roughly $398 million.

The company disclosed the acquisition on April 2, confirming the purchases were completed by March 31 at an average price between $78,000 and $79,898 per bitcoin. The latest accumulation brings Metaplanet’s total holdings to 40,177 BTC, pushing it past MARA Holdings, which holds about 38,689 BTC following recent sales tied to debt management.

MARA did recently sell 15,133 bitcoin for roughly $1.1 billion between March 4 and March 25 as part of a broader effort to restructure its balance sheet. The miner, which is expanding into digital energy and AI infrastructure, said the proceeds will be used to repurchase its 0.00% convertible senior notes due in 2030 and 2031.

Metaplanet now ranks as the third-largest publicly traded bitcoin holder, trailing Strategy with more than 762,000 BTC and Twenty One Capital with 43,514 BTC, according to bitcointreasuries.net. 

Despite the scale of its accumulation, the company is sitting on a paper loss. With bitcoin trading near $66,400 on the day of the announcement, the firm’s holdings carried a market value of about $2.67 billion, compared with an average cost basis near $97,593 per BTC. That gap implies an unrealized loss of about 32 percent.

Metaplanet has signaled it will continue buying. Chief executive Simon Gerovich has framed bitcoin as a long-term reserve asset suited to Japan’s inflation conditions and yen depreciation. The firm has maintained a steady acquisition pace since shifting to a bitcoin-focused treasury strategy in April 2024.

To fund purchases, Metaplanet relies on equity issuance, capital markets activity, and a growing bitcoin income operation. During the first quarter, the company generated about 2.97 billion yen in revenue from options strategies tied to its holdings. That income offsets acquisition costs and lowers the firm’s effective purchase price per bitcoin.

The company also raised capital twice during the quarter through share issuances and warrants sold to institutional investors. A January placement raised about 12.24 billion yen, followed by a March raise that brought in roughly 40.8 billion yen. Proceeds from both offerings were directed toward further bitcoin accumulation.

Metaplanet tracks performance through a metric it calls BTC Yield, which measures growth in bitcoin per diluted share. The company reported a BTC Yield of 2.8 percent for Q1 2026, a decline from 95.6 percent in the same period last year when dilution had a smaller impact on the ratio.

Metaplanet began accumulating bitcoin in April 2024 with less than 100 BTC. Holdings reached 1,761 BTC by the end of that year, then expanded to more than 30,000 BTC by September 2025. The latest quarter extends that trajectory as the company scales its treasury model.

The company has set a target of holding 210,000 BTC by the end of 2027, equivalent to about 1 percent of bitcoin’s fixed supply. Reaching that level would require sustained access to capital and continued execution of its income strategies.

Shares of Metaplanet closed at 302 yen, or about $1.89, on April 2, down about 2 percent on the day, in line with broader market movement.

This post Metaplanet Surpasses MARA Holdings to Become Third-Largest Corporate Bitcoin Holder first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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