Gate News update: Metaplanet (3350) spent about $398 million to buy 5,075 bitcoins in Q1 2026, bringing its total holdings to 40,177 BTC. It has successfully surpassed MARA Holdings to take the #3 spot globally among publicly listed companies by bitcoin holdings. Currently, it ranks just behind Strategy (MSTR) and Twenty One Capital (XXI).
From early to late March, MARA sold 15,133 bitcoins, raising about $1.1 billion. It used the proceeds to repurchase $1.0 billion of 2030 and 2031 convertible preferred notes. As a result, MARA’s holdings fell to 38,689 BTC, down sharply from 53,822 at the start of the year. MARA described this move as balance-sheet management. It has also recorded a $1.5 billion impairment provision for digital assets and accelerated its transition to AI infrastructure and data centers.
Metaplanet’s accumulation strategy signals its long-term expansion plans. In Q1, the company bought bitcoin at an average price of about $78,000 per coin, for a total cost of roughly $3.9 billion. As of now, Metaplanet’s bitcoin return is 2.8%. Under its “$555 million plan,” the company aims to hold 100,000 bitcoins by the end of 2026 and increase to 210,000 by the end of 2027. To support continued purchases, it has raised about $255 million through international equity issuance and warrants, with potential additional financing of $276 million.
Despite the rise in its holdings ranking, Metaplanet’s share price has not increased in step. The closing price on April 2 was 302 yen (about $1.89), down about 2%, far below the June 2025 peak of 1,930 yen. In terms of the lead, Strategy holds 762,099 bitcoins—more than 18 times Metaplanet—while Twenty One Capital holds 43,514. Future challengers include Bitcoin Standard Treasury Corp (CEPO) and Bullish (BLSH).
As of the time of writing, bitcoin is trading at $66,372, and Metaplanet’s average cost is about 46% higher, indicating that despite improving its holdings rank, it still faces pressure from unrealized losses. Whether Metaplanet can solidify the #3 position will depend on its ability to finance purchases and MARA’s future bitcoin strategy.
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