Third Place, Still Underwater: Metaplanet Stacks 5,075 More BTC While Its Stock Gets Rekt

Metaplanet just can't stop buying the dip, and apparently, the charts agree it's a solid strategy—well, at least for the leaderboard. The Japanese corporate Bitcoin buying machine has apparently decided that DCAing into oblivion is a personality trait, and honestly? Respect the commitment. While the rest of us are stress-eating during red candles, these guys are on week 47 of "actually, this is the bottom."

The Tokyo-listed Bitcoin treasury company acquired 5,075 BTC during Q1 2026 for approximately $398-405 million, averaging around $79,898 per coin. This latest spending spree brings Metaplanet's total stack to 40,177 BTC, valued at roughly $3.9 billion at current prices. That's a lot of sats, a lot of yen, and apparently, a lot of conviction. The average purchase price of ~$80K per BTC is genuinely impressive in a "we're either genius or absolutely unhinged" kind of way.

The move vaults Metaplanet past MARA Holdings into the bronze medal position among publicly traded corporate Bitcoin holders. MARA, the US-based miner, helped the cause by selling 15,133 BTC between March 4 and March 25 for about $1.1 billion to repurchase convertible senior notes, trimming its stack to 38,689 BTC. Nothing says "we're bullish long-term" quite like selling 15K BTC to buy back your own debt. But hey, at least they're being efficient about it? Silver lining?

Metaplanet's total cost basis sits at approximately $4.18 billion, or roughly $104,106 per coin. So, you know, only about 46% underwater. Classic. The premium is not a premium, it's a punishment. Somewhere, a Bitcoin maxi is crying tears of joy while a Metaplanet shareholder is crying tears of a different kind. At least they're in good company—every BTC holder knows the feeling of watching green numbers turn red and questioning every life decision that led to this moment.

The firm reported a BTC yield of 2.8% year-to-date—a self-defined metric tracking per-share accumulation rather than actual income. Twenty One Capital holds second place with 43,514 BTC, while Strategy remains untouchable at 762,099 BTC. That's 18 times Metaplanet's stack, for those keeping score at home. Metaplanet is basically the friend who claims third place in a race where there are only four participants and the winner finished an hour ago. But hey, podiums are podiums.