Metaplanet Reaches 40,177 BTC - Overtakes MARA for Third in Corporate Ranking

Japanese investment firm Metaplanet Inc. (TSE: 3350) reported its Q1 2026 results, revealing that it acquired 5,075 Bitcoin worth $405 million over three months. This brought the company's total corporate reserve to 40,177 BTC, catapulting Metaplanet to third place among all publicly traded companies by Bitcoin treasury holdings.

Quarterly purchases and new ranking

Throughout January-March 2026, Metaplanet consistently expanded its holdings, making weekly Bitcoin purchases despite elevated market volatility. The average acquisition price for the quarter was approximately $79,800 per coin, well below the company's broadly cost basis of $97,000. The quarterly BTC Yield metric, which measures Bitcoin growth per share, reached 2.8%.

The third spot was previously held by MARA Holdings, one of the largest U.S.-based Bitcoin mining operators. However, the miner recently sold 15,133 BTC for $1.1 billion to reduce its debt load, clearing the path for Metaplanet's ascent.

The "555 Million Plan" - road to 100,000 BTC

Metaplanet is executing an ambitious strategic program called the "555 Million Plan," which aims to accumulate 100,000 BTC by the end of fiscal year 2026. To reach this target, the company needs to acquire roughly 60,000 more coins over nine months, requiring investments of at least $4 billion at current prices.

Purchases are funded through a combination of zero-coupon convertible bonds and secondary share offerings on the Tokyo Stock Exchange. Metaplanet shares are also available to U.S. investors via the OTCQX platform under the ticker MTPLF, broadening the company's potential shareholder base.

If the plan is executed in full, Metaplanet will surpass Twenty One Capital and secure its position as the world's second-largest corporate Bitcoin holder, trailing only Strategy and its 762,000+ BTC.

Financial metrics and unrealized losses

At Bitcoin's current price of approximately $66,600, the market value of Metaplanet's 40,177 BTC reserve stands at roughly $2.67 billion. With total investments reaching $3.9 billion at an average cost of ~$97,000 per coin, the company carries unrealized losses exceeding $1.2 billion on paper.

Nevertheless, management has repeatedly emphasized its exclusively long-term orientation. Metaplanet's primary performance metric is BTC Yield - the growth in Bitcoin per share. By this measure, the quarter was successful: the company significantly expanded its holdings at prices well below its average cost basis.

Japan's answer to Strategy

Metaplanet is increasingly being called "Asia's Strategy." Much like Michael Saylor's company, the Tokyo-based firm has completely transformed its business model to become Japan's first publicly traded Bitcoin Treasury Company. The company's shares on the Tokyo Stock Exchange have more than tripled since the Bitcoin strategy was announced, attracting both retail and institutional investors.

While Strategy dominates in the U.S. with over 60% of all corporate Bitcoin reserves, Metaplanet remains virtually the only publicly traded vehicle for Bitcoin exposure in Asia. This makes the company particularly attractive to investors seeking regulated stock market access to Bitcoin.

Implications for the market

Metaplanet's rise to third place confirms that corporate Bitcoin accumulation has moved beyond being an exclusively American phenomenon and is becoming a global trend. Even because of a bear market with the Fear & Greed Index at 8 and Bitcoin trading 30% below its all-time highs, companies continue aggressive accumulation with a multi-year outlook.

Full execution of the "555 Million Plan" would mean removing tens of thousands of additional Bitcoin from free circulation each quarter. Combined with ongoing purchases by Strategy, Twenty One Capital, and other corporate players, this creates a persistent supply deficit - a factor that could significantly influence price dynamics in the second half of 2026.