MARA’s $1.1 Billion Bitcoin Sell-Off Hands Metaplanet the Number 3 Spot

Metaplanet (3350) acquired 5,075 $BTC for approximately $398 million during the first quarter of 2026, pushing its total holdings to 40,177 $BTC and vaulting past MARA Holdings in the global bitcoin treasury rankings.

The Tokyo-listed firm now sits behind only Strategy (MSTR) and Twenty One Capital (XXI) among publicly traded companies by bitcoin held on their balance sheets.

MARA’s Sell-Off Opens the Door

Metaplanet’s rise to third place owes as much to its own accumulation as to MARA Holdings’ (MARA) significant retreat.

The US-based miner sold 15,133 $BTC between March 4 and March 25 for roughly $1.1 billion, using the proceeds to repurchase $1 billion in convertible senior notes due 2030 and 2031.

That sale cut MARA’s holdings to 38,689 $BTC, down from 53,822 $BTC at the start of the year. The company framed the move as balance sheet management, noting it reduced outstanding convertible debt by approximately 30%.

MARA had already posted a $1.7 billion net loss in the fourth quarter of 2025 after taking a $1.5 billion write-down on its digital asset holdings.

Its pivot toward AI infrastructure and data centers added further reason to lighten the bitcoin stack.

Metaplanet’s Accumulation Strategy

Metaplanet paid an average of roughly $78,000 per coin for its Q1 purchases. Its total cost basis across all 40,177 $BTC sits at approximately $97,000, implying a total outlay of about $3.9 billion.

The firm has reported a $BTC yield of 2.8% year-to-date. Metaplanet’s broader ambitions are far larger.

Under its “555 Million Plan,” it targets 100,000 $BTC by the end of 2026 and 210,000 $BTC by the end of 2027.

To fund continued purchases, the company has raised capital through international stock offerings and warrant exercises.

It recently secured approximately $255 million from global institutional investors with the potential for an additional $276 million.

However, shares have not kept pace with the bitcoin buying spree. Metaplanet stock traded at 302 yen ($1.89) on April 2, down roughly 2% on the day and well below its June 2025 peak of 1,930 yen.

A Widening Gap at the Top

The gap between the top two holders and the rest of the field remains vast. Strategy holds 762,099 $BTC, more than 18 times Metaplanet’s stack. Twenty One Capital sits at 43,514 $BTC.

Below Metaplanet, the competition includes firms like Bitcoin Standard Treasury Corp (CEPO) at 30,021 $BTC and Bullish (BLSH) at 24,300 $BTC, according to BitcoinTreasuries data.

Whether Metaplanet can hold its new ranking depends on continued access to capital and MARA’s willingness to sell further.

With Bitcoin trading for $66,372 as of this writing, and Metaplanet’s average cost basis roughly 46% above that level, the firm’s treasury remains significantly underwater even as its position on the leaderboard improves.