Japan-based Metaplanet has achieved a significant milestone by becoming the third-largest public firm holding Bitcoin globally. According to reports from CoinDesk, the firm acquired 5,075 BTC worth $398 million in Q1 2026, bringing its total holdings to 40,177 BTC. This ascent came after the firm held 35,000 BTC in late 2025, when it ranked fourth globally. Bitcoin miner MARA, which previously held over 50,000 BTC, offloaded over 15,000 BTC worth $1.1 billion in March, reducing its holdings to 38,000 BTC and allowing Metaplanet to claim the third position. As per ChainCatcher, Metaplanet CEO Simon Gerovich revealed that the company purchased 5,075 BTC at an average price of approximately $79,898 in Q1 2026, with a total investment of $405.48 million, and the year-to-date Bitcoin yield is 2.8%.
The Bitcoin treasury boom is experiencing a significant unwind as companies and governments sell their holdings amid falling prices and prolonged consolidation. According to CoinDesk reports, treasury buying has collapsed 99% outside Strategy, with the firm now holding 76% of all corporate Bitcoin, creating the most concentrated single-entity exposure in Bitcoin's corporate history. Companies including Riot, Bhutan, and Nakamoto's NAKA are among the sellers, with NAKA offloading 284 BTC representing roughly 5% of its holdings as the pressure of holding a depreciating treasury asset against corporate obligations became too great. The unwind began when Bitcoin topped $126,000 in October, with companies now selling holdings as underwater treasury positions face corporate obligations.
Despite the broader market challenges, Metaplanet has set even more ambitious targets for its Bitcoin accumulation strategy. As reported by AMBCrypto, the firm aims to acquire 210,000 BTC by 2027, with a specific goal of reaching 100,000 BTC by 2026. This would require approximately $3.96 billion in capital at current prices to fund the 2026 deficit. The firm has been acquiring an average of 5,000 BTC per quarter over the past two quarters, with potential to cross 45,000 BTC by end of Q2, which could dislodge Twenty One Capital from the second position. As of March 31, the company held a total of 40,177 BTC with a total cost of approximately $4.18 billion and an average cost of approximately $104,106.
According to AMBCrypto reports, Metaplanet funded its Q1 acquisitions through capital market activities and operating income. The firm raised $275 million last month with an option to increase to $531 million through stock sales. However, this still falls short of the nearly $4 billion needed to achieve the 2026 target. The company's Bitcoin revenue from selling options contracts and lending against holdings reached $18.9 million in Q1, bringing total funds to $550 million in the quarter. As per ChainCatcher, the firm's current BTC holdings face an unrealized loss of $1.5 billion, with the stash purchased at $4.1 billion but currently worth only $2.7 billion at current prices, representing a 36% drawdown as Bitcoin struggles below $70,000.
Despite its leadership position, Metaplanet's Bitcoin holdings face significant market challenges, but the firm's continued accumulation helps defend an institutional floor. As reported by AMBCrypto, the firm's current BTC holdings face an unrealized loss of $1.5 billion, with the stash purchased at $4.1 billion but currently worth only $2.7 billion at current prices. This represents a 36% drawdown as Bitcoin struggles below $70,000. However, the broader corporate treasury wave that fed into the institutional floor is not returning at scale until prices recover enough to make the case again. The company's total cost basis of approximately $4.18 billion with an average cost of $104,106 per BTC demonstrates the significant capital commitment required for its expansion strategy, while the firm's quarterly average buy rate of 5,000 BTC could potentially help it maintain its competitive position in the evolving Bitcoin treasury landscape.
