Metaplanet Acquires 5,075 Bitcoin in Q1, Becomes Third-Largest Treasury Holder

Tokyo-listed Metaplanet has significantly expanded its Bitcoin holdings, acquiring 5,075 Bitcoin in the first quarter of 2026 for approximately $405 million. This purchase elevates the company to the third-largest publicly listed Bitcoin treasury, according to Bitcoin Treasuries data. The company now holds a total of 40,177 Bitcoin on its balance sheet, with an aggregate cost basis of roughly $4.18 billion and an average cost of $104,106 per coin. Metaplanet reported a year-to-date BTC Yield of 2.8% for 2026, a metric that tracks the growth in Bitcoin holdings on a per-share basis. The company also disclosed first-quarter fiscal 2026 operating revenue of 2.97 billion Japanese yen (about $18.6 million) from its Bitcoin Income Generation business, which utilizes collateral-secured Bitcoin option strategies within a dedicated portfolio. This revenue is separate from its long-term BTC stash. Metaplanet's strategy involves a dual approach: expanding its long-term Bitcoin treasury while using a ring-fenced options business to generate revenue that can be reinvested into additional Bitcoin purchases. The company has maintained its consolidated revenue and operating profit forecast for the year ending Dec. 31, 2026, unchanged from previous guidance. Despite the announcement, Metaplanet shares traded lower on Thursday, at $302 per share, down 1.95% from the previous day's close of $308. In the broader Bitcoin treasury space, Nakamoto Holding Company sold 284 BTC for $20 million in March and exited a significant portion of its Metaplanet stake at a loss in the first quarter, highlighting the sensitivity of listed Bitcoin vehicles to price volatility and capital market conditions.