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Metaplanet has disclosed the acquisition of over 5,000 BTC during the first quarter of 2026, pushing its overall holdings to over 40,000 BTC. The announcement proved that the Japanese firm had stayed active in the market after what many thought was a prolonged buying hiatus.
The purchases, made during a period of great fear and uncertainty across markets, have enabled it to leapfrog MARA Holdings and become the third-largest corporate Bitcoin treasury among publicly traded companies.
Metaplanet bought at an average price of $79,898 per BTC for the quarter.
Metaplanet was buying while MARA trimmed holdings
According to a post shared by Metaplanet’s CEO, Simon Gerovich, the company’s holdings are now at 40,177 BTC, achieving a BTC Yield of 2.8% YTD 2026.
Metaplanet was discrete, but it is now within two spots of Strategy, the leading BTC treasury company that stayed consistent with its purchases during the first quarter.
MARA Holdings, which Metaplanet knocked out of its spot, was selling. According to reports, it started the year with about 53,822 BTC, but as of late March, it had fallen to 38,689 BTC.
Its largest sales occurred between March 4 and March 25, 2026, when it sold 15,133 BTC for roughly $1.1 billion. A portion of the proceeds from the sale was used to fund a $1 billion repurchase of convertible senior notes, cutting its debt by 30%, and the rest was earmarked for general corporate purposes and balance-sheet strengthening.
BTC treasury companies readjusted positions in the first quarter
Aside from Metaplanet, the only other notable buyer of BTC in the first quarter was Michael Saylor’s Strategy, aggressively adding about 89,000 BTC during the period.
It currently holds 762,099 BTC at an average cost of $75,699, and buying does not seem to be ending soon. Its acquisitions in the first quarter account for the majority of net corporate accumulation, lending credibility to critics who point to the one-buyer market and see red flags.
Other notable BTC buyers in Q1 included Strive and Semler Scientific. Strive had increased its treasury holdings to 13,628 BTC as of mid-March via PIPE proceeds, and most notably, the all-stock acquisition of Semler Scientific, which added 5,048 BTC to its holdings.
Before it was acquired by Strive, Semler Scientific’s steady purchases had tapered as the merger progressed.
Those were the standouts. Most of the other Bitcoin treasury companies, including miner-linked ones like MARA, were selling in Q1 or staying neutral. Experts have linked their decision to sell or remain neutral to factors such as BTC’s recent volatility, NAV discounts, and shareholder caution amid unrealized losses.
Empery Digital and Genius Group fall in that final category, according to recent Cryptopolitan reports.
Adam Back’s $1.5B BTC war chest excites Bitcoiners
In February of this year, Adam Back, co-founder and CEO of Blockstream, during an appearance at a CNBC interview, spoke about the company’s pivot into a dedicated Bitcoin treasury company called Bitcoin Standard Treasuries (BSTR).
In the clip, he emphasized that the currently low BTC price is advantageous for the company; after all, a lower entry means they can acquire more BTC per dollar deployed.
The clip also sees Back reveal they are awaiting SPAC approval this April, and BSTR’s ambition is to climb to the top three position among treasury companies.
As part of its pivot, Back stated in February that he will reportedly invest $1.5 billion into BTC within weeks of getting SPAC approval, news that got Bitcoiners excited.
As of April 2, the deal is still in the works, and no purchases have been recorded other than the initial 30,021 BTC purchase from 2025. Shareholder votes are still pending, but the approval and closing of the deal are slated to happen this April, as Back claimed in February.
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