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, with the proceeds being used to buy more Bitcoin.

A two-track approach to Bitcoin accumulation

Metaplanet operates what it calls a Bitcoin Income Generation business, a ring-fenced portfolio that uses collateral-secured options contracts to produce income. Once those option cycles close out, the returns can be converted into direct Bitcoin purchases and added to the firm’s long-term holdings.

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.

Q1 2026 revenue and Bitcoin purchases

Alongside the options income engine, Metaplanet carried out a large Bitcoin buying program in the quarter. In Q1 2026, it acquired 5,075 Bitcoin at an average price of roughly $79,898 per coin, spending about $405 million in total.

During Q1 2026, Metaplanet acquired 5,075 BTC for $405.48 million at approximately $79,898 per bitcoin and reported BTC Yield of 2.8% year-to-date 2026. As of 03/31/2026, the company said it holds 40,177 BTC acquired for about $4.18 billion at an average price of approximately $104,106 per bitcoin.

The purchases increased its cumulative holdings to 40,177 Bitcoin, placing it as the third-largest publicly traded Bitcoin treasury globally, according to Bitcoin Treasuries data.

Cost basis above current market price

Metaplanet’s average acquisition cost across its entire holdings stands at $104,106 per coin, according to the same investor materials. Bitcoin was trading around $66,550 at the time of the announcement, leaving a substantial gap between the company’s cost basis and the open-market value.

Market reaction and guidance unchanged

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

Rival firm exits stake at a loss

In the broader 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 highlights how corporate treasury strategies tied to Bitcoin can be exposed to price swings in a volatile asset class.

Outlook and strategy continuity

Metaplanet said it 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 capital moving into the treasury.