Metaplanet buys 5,075 BTC for $405 million, becoming third-largest corporate treasury

Metaplanet’s rise to third place was partly handed to MARA, which sold 15 thousand BTC in March, reducing its holdings to 38,689.

Metaplanet held 5,075 BTC for $405.48 million during the first quarter of 2026 at an average price of $79,898 per BTC, bringing its total holdings to 40,177.

The purchase overtook Japanese company MARA Holdings into third place among public companies with bitcoin reserves, making it the first non-U.S. company to break into the top three.

Metaplanet climbs the rankings after an aggressive first quarter

CEO Simon Jerovich Announce Q1 numbers in X’s post on April 2, noting that Metaplanet has generated a year-to-date return on Bitcoin of 2.8%. The new purchase brings the company’s total cost basis to just over $104,000, with its entire inventory purchased for approximately $4.18 billion.

This average is much higher than where BTC is trading today, as the cryptocurrency sits below $67,000 after hitting a low. shake Through statements made by US President Donald Trump about his country’s next steps in the ongoing conflict in the Middle East. At the current price, Metaplanet’s stock is worth about $2.6 billion, which puts it in the red on paper at more than $1.5 billion.

The Tokyo-listed company’s rise to third place was helped in part by MARA’s sale of 15,133 bitcoins in March, which raised nearly $1.1 billion to buy back convertible securities and shore up its balance sheet. This allowed Jack Maller’s Twenty One Capital, which owns 43,514 BTC, to move into second place, while Metaplanet’s purchase of 5,075 BTC took its holding from 35,102 units to over 40,000, surpassing the much-reduced MARA of 38,689 BTC.

Michael Saylor’s strategy is still very much king of the hill. I remember that recently buying From over 1,000 BTC for approximately $77 million, it brought its holdings to 762,099, all purchased for over $57 billion but worth around $50 billion at the time of writing.

Transparency questions and long-term goals

In February and March 2026, Metaplanet sold shares and issued warrants to third parties as part of a larger deal worth about $255 million to help fund its bitcoin accumulation.

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However, her aggressive strategy came under heavy criticism, and Jerovic was forced to go public Defense The company has faced critics who have questioned the timing and disclosure of previous Bitcoin purchases, calling the accusations “inflammatory and contrary to the facts.”

Furthermore, he ensured that all purchases are announced as they are made and that wallet addresses are available through a live public dashboard.

He added that options positions managed by the company, including puts, are disclosed in the financial statements, noting that Bitcoin per share, the company’s primary performance measure, grew more than 500% in 2025.

Metaplanet has said in the past that it wants to own 100,000 BTC by the end of 2026 and 210,000 next year. But as it stands, reaching those numbers would require it to double its current holdings within nine months, then more than quintuple them in 2027.