Japan-based Metaplanet has now become the third-largest publicly traded company to own Bitcoin. The increase comes after the company acquired 5,075 BTC, worth $405 million, in the first quarter of 2026, bringing its total holdings to 40,177 BTC.
At the end of 2025, Metaplanet owned 35,000 BTC and was ranked fourth. During that period, Bitcoin miner MARA ranked third with over 50,000 BTC. However, the miner over 15K BTC unloaded ($1.1 billion) in March, bringing its holdings to 38,000 BTC.
Together, these two factors caused MARA to lose third place to Metaplanet.
Metaplanet’s plan for 2026-2027
But Metaplanet’s broader plan and long-term goal are much bigger. The company aims to acquire 210,000 BTC by 2027.
By 2026 alone, it plans to scale its holdings to 100,000 BTC. Put another way, in the remaining three quarters it could add an additional 60,000 BTC.
At current prices, this would imply approximately $3.96 billion in capital to finance the 2026 deficit.
For the 5,075 BTC purchased in the first quarter, the company said the offering was funded by “capital market activities and operating income.” In fact, last month the company Raised $275 millionwith an option to increase it to $531 million by selling the shares.
Yet this was still less than the nearly $4 billion needed to meet the 2026 target. Furthermore, Bitcoin revenues generated from selling Bitcoin Option contracts and lending and borrowing against its holdings amounted to $18.9 million in the first quarter.
All told, this would bring total resources in the first quarter to $550 million. Still, this meant a $3.5 billion shortfall to reach the 100,000 BTC milestone this year.
Metaplanet’s BTC strategy faces a paper loss of $1.5 billion
That said, Metaplanet’s climb to third place hasn’t been smooth sailing. The company’s current BTC holdings now face an unrealized loss of $1.5 billion.
The current stock was purchased for $4.1 billion, but at current prices it was worth $2.7 billion, which translates to a 36% absorption as BTC struggles under $70,000.
Meanwhile, the company has acquired an average of 5,000 BTC over the past two quarters. If the trend continues, holdings could cross the 45,000 BTC mark by the end of the second quarter.
If so, that would effectively help knock Twenty One Capital out of the second position.
Final summary
- Metaplanet flipped MARA from the third largest Bitcoin treasury after crossing the 40,000 BTC threshold.
- If the average quarterly purchase of 5,000 BTC continues, Metaplanet could soon become the second-largest publicly traded company holding BTC.