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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 $BTCand 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.

Metaplanet’s 2026-2027 plan

But Metaplanet’s broader plan and long-term goal are way larger. The firm aims to acquire 210K $BTCby 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 $BTCbought 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 $BTCmilestone this year.

Metaplanet’s $BTCstrategy 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 $BTCholdings 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 $BTCstruggles below $70K.

Meanwhile, the firm has been acquiring an average of 5K $BTCin the past two quarters. If the trend holds, its holdings could cross 45K $BTCby 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 $BTCthreshold.
• If its quarterly average buy of 5K $BTCpersists, Metaplanet could soon become the second-largest public company holding $BTC.

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