Japan-listed Metaplanet (3350) disclosed its Q1 2026 bitcoin accumulation on Wednesday, revealing it acquired 5,075 BTC for approximately $400 million at an average price of roughly $79,900 per coin.

The purchase brings Metaplanet's total holdings to 40,177 BTC, acquired for about $4.18 billion with an overall average cost basis near $104,000. The company has generated a BTC Yield of 2.8% year-to-date.

Climbing the Rankings

The Q1 haul pushed Metaplanet past MARA Holdings into third place among publicly traded bitcoin treasury companies worldwide. MARA had reduced its stack significantly after selling $1.1 billion in bitcoin to fund a debt buyback in March.

Strategy (formerly MicroStrategy) remains the dominant player with over 762,000 BTC. Twenty One Capital holds second place at 43,514 BTC. Metaplanet now sits firmly in third.

Buying the Dip

Metaplanet's Q1 average purchase price of roughly $79,900 is well below its overall cost basis, suggesting the firm aggressively bought during the quarter's price weakness. Bitcoin lost about a third of its value from late-2025 highs during Q1, creating opportunities for treasury accumulators.

Despite the strategic positioning, Metaplanet shares slipped about 2% on the news, trading at 302 yen. The broader market sell-off driven by geopolitical tensions around Iran likely weighed on sentiment.

The Tokyo-based company has emerged as Asia's most aggressive corporate bitcoin buyer, steadily scaling its accumulation strategy since first entering the space.