Metaplanet Eyes 100K BTC By Year End as Holdings Hit 40K Mark

• Metaplanet acquired 5,075 BTC in Q1, reaching 40,177 BTC and becoming the third-largest public Bitcoin holder.
• The firm targets 100,000 BTC but faces a $3.5B funding gap to continue aggressive accumulation strategy.
• Holdings show $1.5B unrealized loss as Bitcoin price decline pressures balance sheet and valuation.

Metaplanet accelerated its Bitcoin accumulation in Q1 2026, purchasing 5,075 BTC worth about $405 million, according to its latest report released Wednesday. The Tokyo-listed firm now holds 40,177 BTC, overtaking MARA Holdings to become the third-largest public Bitcoin holder. The move forms part of its “555 Million Plan,” which targets 100,000 BTC by the end of 2026 through continued acquisitions.

Bitcoin Holdings Climb as Rankings Shift

Metaplanet’s rise followed both aggressive buying and shifts among competitors. Notably, the firm increased its holdings from 35,000 BTC in late 2025. Meanwhile, MARA reduced its position by over 15,000 BTC in March, lowering its total to around 38,700 BTC.

As a result, Metaplanet moved into third place globally among public firms. It now trails Strategy, which holds over 762,099 BTC, and Twenty One Capital with 43,514 BTC. Additionally, the company reported a year-to-date BTC yield of 2.8%, tracking growth in holdings per share.

Funding Gap Emerges in Expansion Plan

However, Metaplanet’s expansion plan requires substantial capital. The firm aims to reach 100,000 BTC in 2026, implying an additional 60,000 BTC purchase. At current prices, this would require roughly $3.96 billion.

In Q1, the company raised $275 million, with potential to reach $531 million through stock sales. It also generated $18.9 million from Bitcoin-related revenue, including options and lending activity. Combined, available funds reached about $550 million, leaving an estimated $3.5 billion shortfall.

Losses Widen as Accumulation Continues

Meanwhile, the firm faces pressure from declining Bitcoin prices. Its total holdings, acquired for about $4.18 billion, currently stand near $2.7 billion in value. This reflects an unrealized loss of roughly $1.5 billion, or a 36% drawdown.

Despite this, Metaplanet has maintained a steady purchase pace of about 5,000 BTC per quarter. If sustained, its holdings could exceed 45,000 BTC by the end of Q2.

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