Metaplanet expanded its Bitcoin treasury again in the first quarter of 2026, purchasing 5,075 BTC for about $405.48 million. The company said the average purchase price for that batch was $79,898 per Bitcoin. The buying spree came as the company’s stock dropped 87% and traded below book value, creating a sharp contrast between market pricing and balance-sheet growth.
Zynx analysts pointed to that divergence as a setup some investors may view as attractive. Adam Livingston also said it was notable to see this level of pressure on Metaplanet shares given that the company carries much less debt than some rivals.
Total Bitcoin holdings reach 40,177 BTC
After the latest purchases, Metaplanet’s total Bitcoin reserves climbed to 40,177 BTC. The cumulative cost of those holdings stands at roughly $4.18 billion, with an overall average acquisition price of $104,106 per BTC. Over the past year, the firm has followed an aggressive accumulation strategy, and the gap between its expanding Bitcoin position and weak share performance has become a closely watched theme.
According to the report, Metaplanet now ranks third globally among corporate Bitcoin holders. Only Jack Mallers’ Twenty One Capital and Michael Saylor’s MicroStrategy hold larger Bitcoin positions on their balance sheets.
Brokerage acquisition is part of the broader plan
Metaplanet is also moving beyond simple treasury accumulation. Chief Executive Officer Simon Gerovich said the company signed an agreement to acquire 100% of Siiibo Securities Co., Ltd. for 2.1 billion yen, or about $13.1 million.
Gerovich said the terms have been finalized and the transaction is expected to close in July. The report described the deal as part of a wider effort to build financial infrastructure around Metaplanet’s growing Bitcoin reserves, showing that the company is tying its treasury strategy to a larger capital-market structure.