Japan's Metaplanet disclosed a purchase of 5,075 BTC on April 2, bringing its total holdings to 40,177 BTC and overtaking Marathon Digital Holdings (38,689 BTC) for the third-largest corporate Bitcoin treasury in the world. Only Strategy (762,099 BTC) and Twenty One Capital (43,514 BTC) hold more, according to data from BitcoinTreasuries.net.
The purchase, valued at approximately $339 million at current prices, lands during a week where BTC is trading at $66,818 as of April 2, 2026, down 2.9% in 24 hours. The broader market sits at a Fear & Greed reading of 28, firmly in "Fear" territory. ETH is at $2,051 (-4.0%), SOL at $79.48 (-5.5%), and BNB at $591.88 (-4.1%).
A $2.69 Billion Bet at a 31% Loss
Metaplanet's average cost basis sits at $97,593 per BTC. With the token trading near $66,800, the company is carrying an unrealized loss of roughly 31.5% across its entire stack, or about $1.24 billion in paper losses.
That has not slowed the buying. The company raised $255 million in March 2026 specifically to accelerate its accumulation strategy. Its stated target is 100,000 BTC by the end of 2026 and 210,000 BTC, roughly 1% of all Bitcoin that will ever exist, by the end of 2027.
At the current pace, Metaplanet needs to acquire another 59,823 BTC in the remaining nine months of 2026 to hit the year-end target. That is roughly 6,647 BTC per month, or about $444 million at today's prices. The math gets harder, not easier, as holdings grow.
How a Tokyo Hotel Company Became a Bitcoin Treasury
Metaplanet (Tokyo Stock Exchange: 3350, OTCQX: MTPLF) started as a hotel operator. It pivoted to a Bitcoin treasury strategy in April 2024 and has been buying aggressively since, using a mix of equity issuances, convertible bonds, and BTC-collateralized loans. A $100 million loan collateralized by its Bitcoin holdings added another funding mechanism.
The Strategy playbook is obvious. Both companies use capital markets to accumulate Bitcoin on the assumption that the asset will appreciate over a long time horizon, rewarding shareholders through BTC-per-share growth rather than operational earnings. The difference is scale: Strategy holds nearly 19 times more Bitcoin.
Metaplanet has also adopted an options overlay strategy, generating income by selling covered calls against portions of its Bitcoin holdings. One report noted the firm generated $55 million through this approach while still accumulating.
The Leaderboard After This Purchase
The top five corporate Bitcoin treasuries now look like this:
| Rank | Company | BTC Holdings |
|---|---|---|
| 1 | Strategy | 762,099 |
| 2 | Twenty One Capital | 43,514 |
| 3 | Metaplanet | 40,177 |
| 4 | MARA Holdings | 38,689 |
| 5 | Bitcoin Standard Treasury Co. | 30,021 |
Metaplanet passed MARA by roughly 1,488 BTC with this purchase. That gap is narrow enough that a single MARA acquisition could reverse the ranking, but Metaplanet's stated pace suggests it intends to widen the lead.
The combined holdings of these five companies exceed 914,000 BTC, nearly 4.35% of Bitcoin's 21 million supply cap.
Buying Into Fear
The timing is notable. Metaplanet is deploying hundreds of millions of dollars into Bitcoin while the market prices in fear: BTC is down 4.6% on the week, the Fear & Greed index is at 28, and crypto funds bled $414 million in recent outflows.
Corporate treasury buyers tend to view drawdowns differently than retail traders. For a company running a multi-year accumulation strategy with a $97,593 average cost, the current price represents a chance to lower that average. Every BTC bought at $66,800 pulls the break-even down by a fraction.
Whether that thesis works depends entirely on where Bitcoin trades in 2027 and 2028. If BTC recovers above Metaplanet's cost basis, the company looks prescient. If it stays below, Metaplanet is a Japanese hotel company with $1.2 billion in unrealized losses and a balance sheet dominated by a single volatile asset.
Overview
Metaplanet purchased 5,075 BTC on April 2, 2026, bringing total holdings to 40,177 BTC and claiming the #3 spot among corporate Bitcoin treasuries worldwide. The company now trails only Strategy (762,099 BTC) and Twenty One Capital (43,514 BTC). With an average cost of $97,593 per coin and BTC trading at $66,818, the company is sitting on a 31% unrealized loss but continues buying toward a 100,000 BTC year-end target.
