Metaplanet buys 5,075 BTC for $405M, ranks No. 3 public holder

Tokyo-listed Metaplanet purchased 5,075 Bitcoin in the first quarter of 2026 for about $405 million, bringing its balance to 40,177 BTC. Data from Bitcoin Treasuries places the company as the third-largest public Bitcoin holder. Company materials put the quarter’s average purchase price at roughly $79,898 per coin.

Investor materials indicate an aggregate cost basis of about $4.18 billion, or an average of $104,106 per Bitcoin across the holdings. The company also reported a year-to-date BTC Yield of 2.8% for 2026, a metric that tracks growth in Bitcoin holdings on a per-share basis rather than income from the treasury.

Metaplanet recorded first-quarter fiscal 2026 operating revenue of 2.97 billion Japanese yen (about $18.6 million) from its Bitcoin Income Generation unit. That business runs collateral-secured Bitcoin option strategies in a dedicated portfolio that is segregated from the long-term holdings.

Company filings describe a two-track approach: expanding the long-term Bitcoin treasury while operating a ring-fenced options portfolio to generate revenue that can be recycled into future BTC purchases. Capital from the income program can be rolled into the long-term holdings after option cycles conclude, converting derivatives revenue into additional Bitcoin over time.

The Bitcoin Income Generation segment produced roughly $53.7 million in revenue for full-year fiscal 2025, bringing trailing 12-month revenue to about $71.5 million as of an April 2 filing. Metaplanet left its consolidated revenue and operating profit forecast for the year ending Dec. 31, 2026, unchanged from guidance issued on Jan. 26, 2026.

In Thursday trading, Metaplanet shares were at $302, down 1.95% from $308 at the prior close.

In the broader public Bitcoin treasury space, holding company Nakamoto disclosed the sale of 284 BTC for $20 million in March and reported it exited a large part of its Metaplanet stake at a loss in the first quarter.