Metaplanet (3350) Get 5,075 $BTC In the first quarter of 2026, the total holdings will increase to 40,177 at approximately $398 million. $BTC And it overtook MARA Holdings in the world Bitcoin financial ranking.
The Tokyo-listed company currently ranks second among listed companies in terms of Bitcoin holdings on its balance sheet, behind Strategy Inc. (MSTR) and Twenty One Capital (XXI).
MARA sale opens door
Metaplanet’s rise to third place is due as much to Metaplanet’s own accumulation as it is to MARA Holdings’ (MARA) significant setback.
The US-based miner sold 15,133 units $BTC The company sold the company for about $1.1 billion between March 4 and March 25, and used the proceeds to buy back $1 billion in convertible notes due in 2030 and 2031.
This sale reduced MARA’s holdings to 38,689 shares. $BTCdown from 53,822 $BTC At the beginning of the year. The company characterized the move as balance sheet management, noting that outstanding convertible debt had been reduced by about 30%.
MARA had already recorded a net loss of $1.7 billion in the fourth quarter of 2025 after taking a $1.5 billion write-down on its digital assets.
The pivot to AI infrastructure and data centers adds even more reason to lighten the Bitcoin stack.
Metaplanet’s accumulation strategy
Metaplanet paid an average of approximately $78,000 per coin for purchases in the first quarter. Total cost basis for all 40,177 items $BTC The total cost is about $97,000, bringing the total spending to about $3.9 billion.
In Q1 2026, Metaplanet acquired 5075 $BTC Earned $405.48 million at approximately $79,898 per Bitcoin; $BTC The yield for the first year of 2026 is 2.8%. As of March 31, 2026, the Company holds 40,177 shares. $BTC It was acquired for approximately $4.18 billion at approximately $104,106 per Bitcoin. $MPJPY $MTPLF pic.twitter.com/IMxC3lwYCx
— Simon Gerovich (@gerovich) April 2, 2026
The company reported that $BTC Year-to-date yield is 2.8%. Metaplanet’s broader ambitions are much larger.
The “555 million people plan” targets 100,000 people. $BTC 210,000 people by the end of 2026 $BTC By the end of 2027.
To fund the ongoing purchases, the company raised funds through an international stock offering and the exercise of warrants.
The company recently secured approximately $255 million from global institutional investors and has the potential to raise an additional $276 million.
However, stock prices have not kept up with the buying up of Bitcoin. Metaplanet stock traded at 302 yen ($1.89) on April 2, down about 2% on the day and well below its June 2025 high of 1,930 yen.
Growing gap at the top
The gap between the top two and the rest of the field remains wide. Number of strategies held 762,099 $BTC18 times more than Metaplanet’s stack. Twenty One Capital is located at 43,514 $BTC.
Competitors below Metaplanet include companies like Bitcoin Standard Treasury Corporation (CEPO) at #30,021. $BTC Bullish (BLSH) is 24,300 $BTCaccording to data from Bitcoin Treasuries.
Metaplanet’s ability to maintain its new ranking will depend on continued access to capital and MARA’s willingness to sell further.
At the time of this writing, Bitcoin is trading at $66,372, and Metaplanet’s average cost basis is approximately 46% above that level, so despite its improved position on the leaderboard, the company’s financials remain significantly underwater.
