Metaplanet Targets 100,000 BTC by End-2026 as Holdings Rise to 40,177 BTC

Metaplanet stepped up its Bitcoin buying in Q1 2026, adding 5,075 BTC worth about $405 million, its latest report released Wednesday showed. The Tokyo-listed company's stash has climbed to 40,177 BTC, lifting it past MARA Holdings and making it the third-largest public Bitcoin holder. The purchases are part of Metaplanet's "555 Million Plan," under which it aims to hold 100,000 BTC by the end of 2026. The firm had roughly 35,000 BTC in late 2025. Metaplanet's ranking gain also reflects moves by peers. MARA cut its Bitcoin position by more than 15,000 BTC in March, taking its total to about 38,700 BTC. Metaplanet now sits behind Strategy, which holds over 762,099 BTC, and Twenty One Capital with 43,514 BTC. The company also reported a year-to-date BTC yield of 2.8%, a metric tracking growth in Bitcoin holdings per share. Financing remains the key challenge. Hitting 100,000 BTC implies buying roughly another 60,000 BTC in 2026, requiring about $3.96 billion at current prices. In Q1, Metaplanet raised $275 million, with capacity to reach $531 million via stock sales, and generated $18.9 million in Bitcoin-related revenue from activities including options and lending. Total available funds were about $550 million, implying an estimated $3.5 billion gap. Falling Bitcoin prices are also weighing on the balance sheet. Metaplanet said its holdings were acquired for about $4.18 billion and are currently valued near $2.7 billion, translating into an unrealized loss of roughly $1.5 billion, or a 36% drawdown. Even so, the company has maintained an acquisition pace of about 5,000 BTC per quarter, which would put holdings above 45,000 BTC by the end of Q2 if sustained.