Metaplanet buys 5,075 Bitcoin in Q1 to become 3rd-largest treasury

Metaplanet lifted its Bitcoin holdings to 40,177 in Q1 after buying over $400 million of BTC to become the third-largest BTC treasury.

Metaplanet said it acquired 5,075 Bitcoin during the first quarter of 2026 for around $405 million or about $79,898 per coin, making the company the third-largest publicly-listed Bitcoin treasury, according to Bitcoin Treasuries data.

The Tokyo-listed company now holds a total of 40,177 Bitcoin (BTC) on its balance sheet, with an aggregate cost basis of roughly $4.18 billion and an average cost of $104,106 per coin, according to investor materials shared by chief executive Simon Gerovich.

Metaplanet also reported a year-to-date BTC Yield of 2.8% for 2026, a company metric that tracks growth in Bitcoin holdings on a per-share basis rather than income generated across the treasury.

The company separately announced first-quarter fiscal 2026 operating revenue of 2.97 billion Japanese yen (about $18.6 million) from its Bitcoin Income Generation business, which uses collateral-secured Bitcoin option strategies within a dedicated portfolio that is segregated from its long-term BTC stash.

That compares with full-year fiscal 2025 revenue of roughly $53.7 million from the same segment, taking trailing 12-month revenue to around $71.5 million, according to an April 2 filing.

The filings show Metaplanet is pursuing a two-track Bitcoin strategy by expanding its long-term treasury while using a ring-fenced options business to generate revenue that can later be recycled into additional Bitcoin purchases.

Capital from the income generation can be rolled into long-term Bitcoin holdings after option cycles conclude, allowing Metaplanet to convert derivatives revenue into additional BTC over time, the filing states. 

Related: Twenty One Capital now 2nd-largest publicly traded BTC holder after MARA sale

The company left its consolidated revenue and operating profit forecast for the year ending Dec. 31, 2026, unchanged from guidance issued on Jan. 26, 2026. Metaplanet shares traded lower on Thursday, at $302 per share, down 1.95% from $308 at yesterday’s close, even after the announcement, according to data from Yahoo! Finance.

In the broader Bitcoin treasury space, fellow holding company Nakamoto disclosed Wednesday that it sold 284 BTC for $20 million in March and exited a large part of its Metaplanet stake at a loss in the first quarter, reflecting how listed Bitcoin vehicles remain highly sensitive to price swings and capital market conditions.

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Source: CoinTelegraph