Metaplanet purchased 5,075 Bitcoin (BTC) for $405.48 million during the first quarter of 2026, lifting its total holdings to 40,177 coins and pushing the Tokyo-listed firm past MARA Holdings into third place among public companies with the largest corporate Bitcoin reserves.
Metaplanet Q1 Bitcoin Accumulation
CEO Simon Gerovich disclosed the Q1 figures in an Apr. 2 post on X, reporting a year-to-date Bitcoin yield of 2.8%. The company's aggregate cost basis now stands just above $104,000 per coin, with its entire stash acquired for roughly $4.18 billion. At an average purchase price of $79,898 per BTC during Q1, the buys came well above current market levels.
BTC was trading around $66,000 at the time of writing. The drop followed remarks by U.S. President Donald Trump about potential military escalation in the Middle East.
At that price, Metaplanet's holdings are worth about $2.6 billion — putting the firm more than $1.5 billion in the red on paper.
Metaplanet's rise to No. 3 was aided by MARA's sale of 15,133 BTC in Mar., a move that raised roughly $1.1 billion to buy back convertible notes. That sale cut MARA's holdings to 38,689 coins. Jack Mallers' Twenty One Capital, with 43,514 BTC, now sits in second place, while Michael Saylor's Strategy remains the top corporate holder at 762,099 BTC — purchased for over $57 billion but valued at around $50 billion.
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Gerovich Responds to Critics
The firm's accumulation has drawn scrutiny. In Feb. and Mar. 2026, Metaplanet sold shares and issued warrants to third parties as part of a $255 million deal to fund further purchases.
Gerovich has publicly pushed back against critics who questioned the timing and disclosure of past buys. He called the accusations "inflammatory and contrary to the facts." All purchases are announced when made, he said, and wallet addresses are available through a live public dashboard.
Metaplanet 100K BTC Target
Metaplanet has previously stated a goal of holding 100,000 BTC by year-end 2026 and 210,000 by the end of 2027. Reaching either target would require a sharp acceleration.
The company would need to more than double its current stash within nine months to hit the first mark — and then quintuple it the following year to reach the second.
For comparison, Strategy's target is far more ambitious. Saylor has outlined a plan to accumulate 1,035,000 BTC by the end of 2035, a goal that would require the firm to nearly double its current holdings of 762,099 coins over the next decade.
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