Metaplanet Stock Passes MARA to Become Third-Largest BTC Holder — Stock Slips Anyway

TLDR

• Metaplanet bought 5,075 BTC in Q1 2026 for ~$398 million at an average price of ~$78,000–$79,898 per coin.
• Total holdings now stand at 40,177 BTC, valued at around $2.6–$3.9 billion depending on current BTC price.
• The Tokyo firm overtook MARA Holdings to become the third-largest corporate Bitcoin treasury in the world.
• Strategy (MSTR) remains the clear leader with over 762,000 BTC; Twenty One Capital (XXI) sits second with 43,514 BTC.
• Bitcoin dropped more than 3% to ~$66,395 on the day, with BTC futures open interest falling 4.7% to $46.71 billion.

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Metaplanet added 5,075 BTC in the first quarter of 2026, spending approximately $398 million to do it. The average buy price came in at around $79,898 per coin.

That purchase pushed the company’s total Bitcoin holdings to 40,177 BTC. The Tokyo-listed firm has now spent roughly $4.18 billion accumulating Bitcoin at an average cost basis of around $104,106 per BTC.

With Bitcoin trading near $66,395 at the time of writing, that puts Metaplanet sitting on an unrealized loss of close to $1.5 billion.

Metaplanet Inc., 3350.T

Despite that, the company reported a BTC yield of 2.8% year-to-date for 2026. It also posted operating revenue of JPY 2.96 billion from its Bitcoin Income Generation business during the quarter.

CEO Simon Gerovich shared the news on X, confirming the latest purchase and addressing shareholders directly.

Metaplanet Moves Past MARA Holdings

The Q1 buy is enough to push Metaplanet past MARA Holdings in the global Bitcoin treasury rankings. MARA recently trimmed its own BTC stack, opening the door for Metaplanet to move up.

Metaplanet now sits third globally. Twenty One Capital (XXI) holds second place with 43,514 BTC. Strategy (MSTR) is in a different league entirely at over 762,000 BTC.

The gap between Metaplanet and Twenty One Capital is around 3,337 BTC, so that second-place spot isn’t too far off if the buying continues.

Metaplanet has also revised its capital allocation policy. The updated strategy aims to boost BTC yield through perpetual preferred shares and proposes pausing common share issuance when mNAV falls below 1. It also includes increasing share buybacks to maximize BTC yield.

Bitcoin Under Pressure on Trump Comments

The stock dip came alongside a broader sell-off in Bitcoin. BTC fell more than 3% to trade around $66,395, with the 24-hour range sitting between $66,226 and $69,131.

Trading volume in Bitcoin dropped roughly 16% over the same period.

President Donald Trump’s comments about potential escalation in the US-Iran situation added to market unease on the day.

BTC futures open interest on CME fell 0.82%. On Binance, it dropped 5.52%. Total BTC futures open interest across the market fell 4.7% to around $46.71 billion, according to CoinGlass data.

Traders appear to be holding back ahead of Friday’s Nonfarm Payrolls data and a scheduled crypto options expiry.

Metaplanet stock has fallen more than 6% over the past month and is down 25% year-to-date. The 24-hour trading range for the stock was 298 to 313 JPY, with volume running below the average of roughly 30 million.

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