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.\u00a0<\/span><\/p>\n 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 <\/span>offloaded over 15K BTC<\/span> ($1.1 billion) in March, bringing its holdings to 38K BTC.\u00a0<\/span><\/p>\n Collectively, the two factors led MARA<\/a> to lose the third spot to Metaplanet.\u00a0<\/span><\/p>\n But Metaplanet\u2019s broader plan and long-term goal are way larger. The firm aims to acquire 210K BTC by 2027.<\/span><\/p>\n 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.<\/span><\/p>\n At current prices, this would imply about $3.96 billion in needed capital to fund the\u00a0 2026 deficit.\u00a0<\/span><\/p>\n For the 5,075 BTC bought in Q1, the firm said the bid was funded by \u201ccapital market activities and operating income.\u201d In fact, last month the firm <\/span>raised $275 million<\/span><\/a>, with an option to increase it to $531 million through selling its stock.\u00a0<\/span><\/p>\n 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. <\/span><\/p>\n 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.\u00a0<\/span><\/p>\n That said, Metaplanet\u2019s ascent to the third spot has not been a smooth sail. The firm\u2019s current BTC holdings now face an unrealized loss of $1.5 billion. <\/span><\/p>\n The current stash was bought at $4.1B, but at current prices, it was worth $2.7B, translating to a 36% drawdown as <\/span>BTC<\/span><\/a> struggles below $70K.\u00a0<\/span><\/p>\n 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. <\/span><\/p>\n If so, that would effectively help it dislodge Twenty One Capital<\/a> from the second position.\u00a0<\/span><\/p>\n![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Metaplanet-Bitcoin-treasury.jpg\")
<\/a>Bitcoins Metaplanet\u2019s 2026-2027 plan<\/h2>\n
Bitcoins Metaplanet\u2019s BTC strategy faces a $1.5B paper loss<\/h2>\n
\nBitcoins Final Summary\u00a0<\/strong><\/h2>\n
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