Metaplanet Surpasses MARA to Become Third Largest Bitcoin Treasury Holder

Tokyo-based Metaplanet has solidified its position as a major player in the institutional bitcoin market by acquiring 5,075 BTC during the first quarter of 2026. The purchase, which totaled approximately $398 million, brings the company's total bitcoin holdings to 40,177 BTC, valued at roughly $3.9 billion. This acquisition has elevated Metaplanet to the third-largest bitcoin treasury company globally, surpassing MARA Holdings following the miner's substantial reduction in its bitcoin stack. The firm's strategic accumulation has yielded a 2.8% return on its BTC holdings year-to-date. With an average cost basis of $97,000 per BTC, Metaplanet's portfolio now trails only Twenty One Capital (43,514 BTC) and MicroStrategy (762,000 BTC), according to Bitcoin Treasuries data. Despite these gains, Metaplanet's shares fell 2% in early trading, closing at 302 yen ($1.89). The shift in rankings highlights the dynamic nature of institutional bitcoin ownership. As public companies and sovereign entities continue to manage their crypto portfolios, movements in major holders' positions can influence market sentiment and price stability. Metaplanet's aggressive accumulation strategy demonstrates growing institutional confidence in Bitcoin's long-term value proposition. Market analysts suggest that Metaplanet's move could signal increased institutional demand for Bitcoin, potentially supporting price stability amid broader market volatility. However, the company's recent stock performance indicates that investors remain cautious about the firm's exposure to crypto market fluctuations.