Metaplanet’s Q1 Buying Spree Earns It Top 3 Bitcoin Treasury Status

Tokyo-listed investment firm Metaplanet generated close to $19 million in operating revenue during the first quarter of 2026 from a Bitcoin options strategy that runs separately from its main treasury — and that money is being funneled back into buying more of the cryptocurrency.

Based on company filings dated April 2, trailing 12-month revenue from that segment reached roughly $71.5 million when combined with full-year 2025 figures of nearly $54 million.

The purchases pushed its cumulative holdings to 40,177 Bitcoin — enough to rank it as the third-largest publicly traded Bitcoin treasury in the world, according to Bitcoin Treasuries data.

The firm’s average acquisition cost across its entire holdings stands at $104,106 per coin, according to the same materials. With Bitcoin trading around $66,550 at the time of the announcement, the company’s treasury carries a substantial gap between what it paid and what those coins are worth on the open market today.

Despite the headline acquisition numbers, the market response was muted. Metaplanet shares fell almost 2% on Thursday to $302, down from $308 the day before, data from Yahoo Finance shows. Annual revenue and operating profit forecasts were left unchanged from guidance issued in January.

Elsewhere in the listed Bitcoin vehicle space, Nakamoto disclosed Wednesday that it unloaded 284 Bitcoin for $20 million in March and unwound a significant portion of its stake in Metaplanet at a loss during the first quarter. The move underlines how exposed these corporate treasury strategies are to price swings in a volatile asset class.

Metaplanet has not changed its full-year outlook for the period ending December 31, 2026, and continues to pursue both sides of its strategy — accumulating Bitcoin for the long term while using options to keep fresh capital moving into the treasury.

Featured image from fundacionblazer.org, chart from TradingView