Metaplanet hits 40,177 Bitcoin, overtaking MARA to become third-largest corporate holder

Metaplanet, a Tokyo-listed investment firm that has remade itself as one of the world’s most aggressive corporate Bitcoin buyers, disclosed today it had acquired 5,075 BTC for about $400 million in Q1 2026, bringing its total reserves to 40,177 Bitcoin worth $2.7 billion.

With this purchase, the company rises to third place among publicly traded firms by Bitcoin holdings, overtaking MARA Holdings, which recently sold $1.1 billion in Bitcoin, and edging toward parity with Twenty One Capital.

Twenty One Capital owns 43,514 BTC, valued at roughly $2.9 billion.

Founded in 1999 as a hospitality-focused enterprise, MetaPlanet struggled with profitability for years before its Bitcoin pivot in 2024. Within two years, it established two new subsidiaries to extend its Bitcoin strategy beyond simple accumulation.

At the start of 2025, the company held fewer than 2,000 BTC. In roughly fifteen months, its reserves have grown approximately 2,180%.

The firm aims to hold 100,000 BTC by the close of 2026 and 210,000 BTC by the end of 2027.

Income business offsets Bitcoin acquisition cost

The company’s Bitcoin Income Business generated about $19.8 million in revenue during the quarter. This translates to roughly $3,900 per BTC acquired, effectively reducing the net acquisition cost.

This figure is closely aligned with the market VWAP benchmark of approximately $79.1K. The strategy integrates options-based income generation with Bitcoin accumulation, allowing revenue to partially offset acquisition costs.

In terms of performance metrics, Metaplanet reported a BTC Yield of 2.8% for Q1 2026, following higher yields throughout 2025. BTC Yield measures growth in Bitcoin holdings relative to share dilution, while BTC Gain isolates accumulation excluding dilution effects, and BTC USD Gain translates this into dollar value.

The Q1 acquisition follows Metaplanet’s $255 million raise in late March, with proceeds allocated to Bitcoin purchases. While initial estimates pointed to 3,600–3,700 BTC, total funding could climb to $531 million if warrants are exercised, supporting large accumulations.