Japan-based Metaplanet has now become the third-largest public firm holding Bitcoin. The ascent comes after the firm acquired 5,075 $BTC, worth $405M, in Q1 2026, bringing its overall holdings to 40,177 $BTC.
As of late 2025, Metaplanet held 35K $BTC and ranked fourth. During that period, Bitcoin miner MARA ranked third with over 50K $BTC. However, the miner offloaded over 15K $BTC ($1.1 billion) in March, bringing its holdings to 38K $BTC.
Collectively, the two factors led MARA to lose the third spot to Metaplanet.
Metaplanet’s 2026-2027 plan
But Metaplanet’s broader plan and long-term goal are way larger. The firm aims to acquire 210K $BTC by 2027.
In 2026 alone, it plans to scale its holdings to 100K $BTC. Put differently, in the remaining three quarters, it could add an extra 60K $BTC.
At current prices, this would imply about $3.96 billion in needed capital to fund the 2026 deficit.
For the 5,075 $BTC bought in Q1, the firm said the bid was funded by “capital market activities and operating income.” In fact, last month the firm raised $275 million, with an option to increase it to $531 million through selling its stock.
Even so, this was still short of the nearly $4B needed to hit the 2026 target. Additionally, its Bitcoin revenue, generated from selling Bitcoin Options contracts and lending and borrowing against its holdings, hit $18.9 million in Q1.
Taken together, this would bring overall funds to $550M in Q1. Still, this implied a shortfall of $3.5B to hit the 100K $BTC milestone this year.
Metaplanet’s $BTC strategy faces a $1.5B paper loss
That said, Metaplanet’s ascent to the third spot has not been a smooth sail. The firm’s current $BTC holdings now face an unrealized loss of $1.5 billion.
The current stash was bought at $4.1B, but at current prices, it was worth $2.7B, translating to a 36% drawdown as $BTC struggles below $70K.
Meanwhile, the firm has been acquiring an average of 5K $BTC in the past two quarters. If the trend holds, its holdings could cross 45K $BTC by the end of Q2.
If so, that would effectively help it dislodge Twenty One Capital from the second position.
Final Summary
- Metaplanet flipped MARA from the third-largest Bitcoin treasury firm after crossing the 40K $BTC threshold.
- If its quarterly average buy of 5K $BTC persists, Metaplanet could soon become the second-largest public company holding $BTC.