Metaplanet eyes ‘100K Bitcoin’ goal as it becomes the third-largest BTC holder globally

ambcryptoPublished on 2026-04-04Last updated on 2026-04-04

Abstract

Metaplanet has become the world's third-largest public Bitcoin holder after acquiring 5,075 BTC in Q1 2026, bringing its total holdings to 40,177 BTC. This move displaced Bitcoin miner MARA, which previously held the third spot. The Japanese firm aims to accumulate 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. However, achieving the 2026 target would require nearly $4 billion in additional capital, far exceeding the $550 million raised in Q1. Despite its strategic growth, Metaplanet currently faces a $1.5 billion unrealized loss on its Bitcoin investments due to market conditions. If it maintains its average quarterly purchase rate of 5,000 BTC, it could soon overtake the second-largest holder.

Japan-based Metaplanet has now become the third-largest public firm holding Bitcoin. The ascent comes after the firm acquired 5,075 BTC, worth $405M, in Q1 2026, bringing its overall holdings to 40,177 BTC.

As of late 2025, Metaplanet held 35K BTC and ranked fourth. During that period, Bitcoin miner MARA ranked third with over 50K BTC. However, the miner offloaded over 15K BTC ($1.1 billion) in March, bringing its holdings to 38K BTC.

Collectively, the two factors led MARA to lose the third spot to Metaplanet.

Source: Bitcoin Treasuries

Metaplanet’s 2026-2027 plan

But Metaplanet’s broader plan and long-term goal are way larger. The firm aims to acquire 210K BTC by 2027.

In 2026 alone, it plans to scale its holdings to 100K BTC. Put differently, in the remaining three quarters, it could add an extra 60K BTC.

At current prices, this would imply about $3.96 billion in needed capital to fund the 2026 deficit.

For the 5,075 BTC bought in Q1, the firm said the bid was funded by “capital market activities and operating income.” In fact, last month the firm raised $275 million, with an option to increase it to $531 million through selling its stock.

Even so, this was still short of the nearly $4B needed to hit the 2026 target. Additionally, its Bitcoin revenue, generated from selling Bitcoin Options contracts and lending and borrowing against its holdings, hit $18.9 million in Q1.

Taken together, this would bring overall funds to $550M in Q1. Still, this implied a shortfall of $3.5B to hit the 100K BTC milestone this year.

Metaplanet’s BTC strategy faces a $1.5B paper loss

That said, Metaplanet’s ascent to the third spot has not been a smooth sail. The firm’s current BTC holdings now face an unrealized loss of $1.5 billion.

The current stash was bought at $4.1B, but at current prices, it was worth $2.7B, translating to a 36% drawdown as BTC struggles below $70K.

Meanwhile, the firm has been acquiring an average of 5K BTC in the past two quarters. If the trend holds, its holdings could cross 45K BTC by the end of Q2.

If so, that would effectively help it dislodge Twenty One Capital from the second position.

Final Summary

  • Metaplanet flipped MARA from the third-largest Bitcoin treasury firm after crossing the 40K BTC threshold.
  • If its quarterly average buy of 5K BTC persists, Metaplanet could soon become the second-largest public company holding BTC.

Related Questions

QWhat is Metaplanet's current Bitcoin holding and its global ranking among public companies?

AMetaplanet currently holds 40,177 BTC, making it the third-largest public company holding Bitcoin globally.

QHow did Metaplanet fund its acquisition of 5,075 BTC in Q1 2026?

AThe acquisition was funded through 'capital market activities and operating income,' including a recent stock sale that raised $275 million with an option to increase it to $531 million.

QWhat is Metaplanet's ambitious long-term goal for its Bitcoin holdings by 2027?

AMetaplanet aims to acquire a total of 210,000 BTC by 2027.

QWhat significant financial challenge does Metaplanet face in achieving its 2026 target of 100,000 BTC?

AThe company faces a funding shortfall of approximately $3.5 billion to acquire the additional 60,000 BTC needed to reach its 2026 goal.

QWhat is the current unrealized loss on Metaplanet's Bitcoin holdings and why?

AMetaplanet's BTC holdings face an unrealized loss of $1.5 billion, a 36% drawdown, because the current market price is below the acquisition cost as Bitcoin price struggles below $70,000.

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