Metaplanet Inc., Japan’s largest corporate bitcoin holder, disclosed on April 2, 2026, that it purchased 5,075 bitcoin during the first quarter ended March 31, bringing its total treasury to 40,177 BTC at a cumulative cost of approximately $3.92 billion.
The Tokyo-based company (TSE: 3350 / OTCQX: MTPLF) spent roughly $398 million on Q1 acquisitions, with a weighted average price between $78,000 and $79,898 per coin. With bitcoin trading near $66,400 on announcement day, the holdings carried a market value of approximately $2.67 billion, representing an unrealized loss of roughly 32% against the average cost basis of around $97,593 per BTC. 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.
Ranking Leap: Metaplanet Surpasses MARA Holdings
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.
Funding Mix: Equity Raises and Bitcoin Options Income
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 company raised capital twice during Q1 through private placements: on Jan. 29, it issued 24,529,000 shares and warrants to overseas institutional investors at 499 yen per share, raising approximately 12.24 billion yen; on March 16, it 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.
BTC Yield Declines as Dilution Takes Effect
Metaplanet reported a BTC Yield—its internal metric tracking bitcoin-per-diluted-share growth—of 2.8% for Q1 2026, compared to 95.6% in Q1 2025. The sharp drop reflects significant share issuances during the period, which diluted per-share metrics. The company maintains that the long-term accumulation strategy remains intact.
Long-Term Target: 210,000 BTC by End of 2027
Metaplanet’s stated long-term target is 210,000 BTC (approximately 1% of bitcoin’s fixed supply) by the end of 2027. Achieving this would require sustained capital raises and continued income operations across seven additional quarters. The company offers shareholders bitcoin-linked perks, including periodic BTC giveaways and a forthcoming card rewards program targeting 1.6% cashback in bitcoin.
Metaplanet shares closed at approximately 302 yen (about $1.89) on April 2, down roughly 2% intraday, matching broader market movements. Gerovich and the company have framed bitcoin as a hedge against fiat currency debasement, and the options income business is designed to create a self-reinforcing loop: revenue lowers net purchase costs, while accumulated holdings increase the collateral base for future income operations.