Metaplanet bought 5,075 Bitcoin in Q1 for roughly $405 million, its latest report showed Wednesday. The Tokyo-listed firm now holds 40,177 BTC, surpassing MARA Holdings to become the world's third-largest public Bitcoin holder.
From 35K to 40K: Leapfrogging MARA
Metaplanet's stash grew from 35,000 BTC in late 2025. Meanwhile, MARA shed over 15,000 BTC in March, dropping to about 38,700. That pushed Metaplanet into third place behind Strategy (over 762,099 BTC) and Twenty One Capital (43,514 BTC). The company also reported a year-to-date Bitcoin yield of 2.8%, tracking per-share growth.
Its "555 Million Plan" targets 100,000 BTC by the end of 2026. To get there, Metaplanet needs to buy roughly 60,000 more coins — costing about $3.96 billion at current prices.
$3.5B Shortfall, $1.5B Unrealized Loss
In Q1, the company raised $275 million via equity, with a potential total of $531 million through stock sales. Bitcoin-related revenue from options and lending added $18.9 million. Combined available funds stood at roughly $550 million, leaving a ~$3.5 billion gap.
Falling Bitcoin prices weigh on its balance sheet. Metaplanet's total holdings cost about $4.18 billion; their current value is roughly $2.7 billion — an unrealized loss of $1.5 billion, or a 36% drawdown.
Despite the pressure, Metaplanet has kept a steady pace of roughly 5,000 BTC per quarter. If sustained, its holdings could exceed 45,000 BTC by end of Q2.