Metaplanet Buys 5,075 Bitcoin in Q1 2026, Total Holdings Hit 40,177 BTC

Metaplanet Overtakes MARA Holdings in Bitcoin Race With Q1 2026 Purchase

The Tokyo-based company Metaplanet (TSE: 3350 / OTCQX: MTPLF) disclosed the Q1 acquisition on April 2, 2026, confirming the purchase was completed by March 31. The company spent roughly $398 million on the quarter’s buys, acquiring bitcoin at a weighted average price of approximately $78,000 to $79,898 per coin.

With bitcoin trading near $66,400 on announcement day, Metaplanet’s holdings carried a market value of approximately $2.67 billion. On a mark-to-market basis, that represents an unrealized loss of roughly 32 percent against the company’s average cost basis of around $97,593 per BTC.

The company does not treat that gap as a signal to slow buying. CEO Simon Gerovich has consistently framed bitcoin as a long-term reserve asset suited to Japan‘s inflation and yen-depreciation environment, and the company’s acquisition pace has held steady across each quarter since its April 2024 strategy pivot.

Metaplanet funds purchases through equity raises, debt management, and bitcoin income-generation operations, primarily options trading against its existing holdings. In Q1 2026, that income business generated revenue of approximately 2.97 billion yen. When offset against acquisition costs, the company calculated a net purchase price of roughly 11,955,713 yen per bitcoin, roughly in line with the quarter’s volume-weighted average price on the Bitflyer exchange.

The Q1 purchase lifted Metaplanet to third place among publicly traded companies by bitcoin holdings, behind Strategy (MSTR) at 762,099 BTC and Twenty One Capital (XXI) at 43,514 BTC. The move put Metaplanet ahead of MARA Holdings, which held approximately 38,689 BTC after selling a portion of its reserves to manage debt.

Metaplanet reported a BTC Yield, its internal metric tracking bitcoin-per-diluted-share growth, of 2.8 percent for the first quarter of 2026. That figure reflects meaningful share issuances during the period. In Q1 2025, by contrast, BTC Yield stood at 95.6 percent, reflecting the earlier stage of the accumulation program when dilution had a smaller effect on the ratio.

The company raised capital twice during Q1 through private placements. On Jan. 29, the board approved a combined issuance of 24,529,000 shares and warrants to overseas institutional investors at 499 yen per share, raising approximately 12.24 billion yen. On March 16, Metaplanet issued 107,368,000 additional shares at 380 yen per share, closing March 31 with proceeds of approximately 40.8 billion yen. Both raises directed proceeds primarily toward bitcoin acquisition.

Metaplanet began acquiring bitcoin in April 2024 as a small hotel and technology operator with minimal holdings. Starting with 97.85 BTC, it scaled to 1,761 BTC by December 2024, then accelerated sharply through 2025. By September 2025, total holdings had reached 30,823 BTC. The Q1 2026 addition brought the cumulative count to 40,177.

The company’s stated long-term target is 210,000 BTC, representing roughly 1 percent of bitcoin’s fixed supply, by the end of 2027. At the current pace, reaching that threshold would require sustained capital raises and continued income operations across seven additional quarters.

Metaplanet shares closed at approximately 302 yen, or about $1.89, on April 2, down roughly 2 percent intraday. The decline matched broader market movement and did not appear specific to the announcement.

The company offers shareholders a set of bitcoin-linked perks, including periodic BTC giveaways and a forthcoming card rewards program targeting 1.6 percent cashback in bitcoin. Gerovich and the company have used social media, particularly X, to discuss the strategy and broader themes of bitcoin as a hedge against fiat currency debasement.

Metaplanet has positioned its bitcoin income business as a self-reinforcing part of the treasury model. Options revenue lowers the net cost of each new bitcoin acquired, while accumulated holdings increase the collateral base available for future income operations.

FAQ 🧭

• What are Metaplanet’s total bitcoin holdings as of Q1 2026? Metaplanet held 40,177 BTC as of March 31, 2026, acquired at a cumulative cost of approximately $3.92 billion.
• How does Metaplanet rank among public companies by bitcoin held? As of April 2, 2026, Metaplanet ranked third globally behind Strategy (762,099 BTC) and Twenty One Capital (43,514 BTC).
• How does Metaplanet fund its bitcoin purchases? The company uses equity raises, bitcoin options income, and warrant issuances to finance acquisitions and reduce net purchase costs.
• What is Metaplanet’s long-term bitcoin target? The company is targeting 210,000 BTC, or approximately 1 percent of bitcoin’s total supply, by the end of 2027.