MicroStrategy Still Leads with 762,099 BTC; Metaplanet’s Q1 $398M Buy Surpasses MARA
Metaplanet acquired 5,075 BTC for about $398 million in Q1, raising its holdings to 40,177 BTC and surpassing MARA, whose balance fell to 38,689 BTC following a 15,133 BTC sale for $1.1 billion to fund note repurchases. MicroStrategy remains the top holder with 762,099 BTC, over 18 times Metaplanet’s stake.
1. Metaplanet’s Q1 BTC Accumulation
In the first quarter of 2026, Tokyo-listed Metaplanet acquired 5,075 BTC for approximately $398 million, bringing its total holdings to 40,177 BTC at an average cost basis near $97,000 per coin. The firm has generated a 2.8% BTC yield year-to-date and is funding further purchases through international stock offerings and warrant exercises.
2. MARA’s BTC Sell-Off and Debt Reduction
Between March 4 and March 25, MARA sold 15,133 BTC for roughly $1.1 billion, using proceeds to repurchase $1 billion of convertible senior notes due in 2030 and 2031. This reduced its outstanding convertible debt by about 30% and cut its holdings from 53,822 BTC at year start to 38,689 BTC.
3. MicroStrategy’s Leading BTC Position
MicroStrategy retains the top spot among public companies with 762,099 BTC on its balance sheet, a stack more than 18 times larger than Metaplanet’s holdings. Its dominant position underscores a wide gap between the industry leader and other corporate treasury holders.
4. Market Implications and Future Targets
Metaplanet aims to reach 100,000 BTC by end-2026 under its “555 Million Plan” and 210,000 BTC by end-2027, contingent on continued capital access. The evolving rankings highlight competitive pressure on firms like MARA and the challenge of matching MicroStrategy’s scale.