TL;DR:
- Metaplanet acquired 5,075 Bitcoins in Q1 2026 for approximately $405 million, bringing its total reserve to 40,177 BTC.
- The Japanese firm became the third-largest corporate BTC holder, behind Strategy with 762,099 BTC and Twenty One with 43,514 BTC.
- The quarterly BTC Yield stood at 2.8%, down from 11.9% the previous quarter. The average accumulated cost is around $104,106 per coin.
Metaplanet closed Q1 2026 with 40,177 BTC in its treasury, after acquiring 5,075 units between January and March for approximately $405.5 million, as reported by CEO Simon Gerovich.
The average purchase price during the period was around $79,898 per coin, while the total accumulated average cost of its holdings stands at $104,106 per bitcoin, representing a total investment of approximately $4.2 billion.
With this accumulation, the Tokyo-based firm became the third-largest corporate bitcoin holder globally, according to data from BitcoinTreasuries. It is only surpassed by Strategy, with 762,099 BTC, and Twenty One —a firm backed by Tether—, with 43,514 BTC.
How Does Metaplanet Finance Itself?
The reserve’s growth rests in part on a Bitcoin income-generation business that operates separately from the long-term treasury. During the first fiscal quarter of 2026, that segment reported revenues of 2.969 billion Japanese yen, equivalent to approximately $18.6 million, through collateral-backed options strategies. The generated funds can be recycled into additional BTC purchases once the options cycles conclude.
The BTC Yield for the quarter —a metric measuring the change in the ratio between total BTC and Metaplanet’s fully diluted shares— reached 2.8%, below the 11.9% recorded in the previous quarter and far from the 33% of Q3 2025. The BTC Gain, which reflects the dilution-adjusted net increase, was 876 units, compared to 3,672 in the prior period.
Additionally, Metaplanet confirmed in March that it holds an additional financing capacity of $531 million directed toward its long-term goal of accumulating 210,000 BTC. That plan will be complemented by the creation of venture capital and asset management subsidiaries, along with strategic investments in the Japanese stablecoin JPYC.
During fiscal year 2025, Metaplanet recorded a non-operating impairment loss of 104.6 billion yen —approximately $680 million— associated with BTC price volatility, though it raised its revenue projection for the year to 8.58 billion yen from the initially forecasted 6.8 billion.
