Tokyo-listed Metaplanet has accelerated its Bitcoin accumulation strategy. CEO Simon Gerovich announced Thursday that the company bought 5,075 BTC for approximately $405 million in the first quarter of 2026. As of March 31, its total Bitcoin holdings reached 40,177 BTC, making it the third-largest corporate Bitcoin holder globally.
Surpassing MARA in the BTC Whale Rankings
According to BitcoinTreasuries data, Metaplanet's latest purchase pushed it past miner MARA Holdings, which recently sold $1.1 billion worth of Bitcoin. The top two corporate holders remain Strategy with 762,099 BTC and Tether-backed Twenty One Capital with 43,514 BTC.
Average Purchase Price at $79,898 per BTC
Metaplanet reported that its Q1 2026 purchases had an average cost of about $79,898 per BTC. The company's cumulative investment in Bitcoin now stands at roughly $4.2 billion, with an overall average cost of $104,106 per BTC. Metaplanet also runs a "Bitcoin Yield Business," which uses option strategies to lower the average acquisition cost. This business generated ¥2.969 billion (≈$18.6 million) in revenue during Q1 2026.
Key Metrics: BTC Yield at 2.8%, BTC Gain Slows
Metaplanet disclosed its quarterly performance indicators for the period ending March 31, 2026. BTC Yield — measuring the percentage change in Bitcoin holdings relative to fully diluted shares — stood at 2.8%. The BTC Gain metric, which tracks Bitcoin holdings growth excluding equity dilution, reached 876 BTC, down from 3,672 BTC in the prior quarter. Last month, Metaplanet completed a $255 million capital raise, with potential proceeds of up to $531 million if warrants are exercised. The company maintains a target of holding 210,000 BTC by 2027.
Broader Digital Asset Expansion
Beyond Bitcoin accumulation, Metaplanet is building a wider digital asset footprint, including a venture subsidiary and asset management unit, as well as a strategic investment in Japan's stablecoin JPYC. On the financial side, Metaplanet recorded an impairment loss of ¥104.6 billion (≈$680 million) in fiscal 2025 due to Bitcoin price swings. However, stronger-than-expected Bitcoin Yield Business performance prompted the company to raise its full-year revenue guidance from ¥6.8 billion to ¥8.58 billion.