Metaplanet said it purchased 5,075 Bitcoin in the first quarter of 2026 for roughly $405 million, or about $79,898 per coin, making it the third-largest publicly listed corporate Bitcoin treasury, according to Bitcoin Treasuries data.
The Tokyo-listed firm now holds a total of 40,177 Bitcoin on its balance sheet, with an aggregate cost basis of around $4.18 billion and an average purchase price of $104,106 per coin, based on investor materials shared by CEO Simon Gerovich.
Metaplanet also reported a year-to-date BTC Yield of 2.8% for 2026 — a company-specific metric that measures growth in Bitcoin holdings on a per-share basis rather than income generated by the treasury.
Separately, the company posted first-quarter fiscal 2026 operating revenue of 2.97 billion Japanese yen (approximately $18.6 million) from its Bitcoin Income Generation segment. This business uses collateral-backed Bitcoin options strategies within a segregated portfolio, distinct from its long-term holdings.
That compares with roughly $53.7 million in revenue from the same segment for full-year fiscal 2025, bringing trailing 12-month revenue to about $71.5 million, according to an April 2 filing.
The filings indicate Metaplanet is pursuing a dual-track Bitcoin strategy — expanding its long-term treasury while running a ring-fenced options business designed to generate revenue that can be reinvested into further Bitcoin accumulation.
Capital strategy and market reaction
Metaplanet said revenue generated from its options-based income strategy can be reinvested into long-term Bitcoin holdings once trading cycles conclude, effectively converting derivatives income into additional BTC over time.
The company kept its full-year 2026 outlook unchanged, maintaining the revenue and operating profit guidance issued on Jan. 26.
Despite the update, Metaplanet’s shares declined on Thursday, trading at $302 — down 1.95% from the previous close of $308 — according to data from Yahoo Finance.
In the broader Bitcoin treasury space, Nakamoto disclosed Wednesday that it sold 284 Bitcoin for $20 million in March and significantly reduced its stake in Metaplanet at a loss during the first quarter, highlighting how publicly listed Bitcoin vehicles remain highly sensitive to price volatility and shifting capital market conditions.
