Overview
- Metaplanet disclosed Thursday it bought 5,075 BTC in Q1 for about $398–$405 million, lifting its stash to 40,177 BTC and vaulting past MARA into third place among public companies.
- The quarter’s buying followed late‑March share sales with attached warrants that could raise total proceeds to about $531 million, alongside operating cash from its Bitcoin income unit.
- That income unit, which sells options and lends against BTC, generated roughly $19.8 million in Q1 and the company says it trimmed the net purchase cost by about $3,900 per coin.
- The holdings were acquired for about $4.18 billion at an average near $104,000 per BTC, leaving an unrealized loss near $1.5 billion at recent prices and echoing large 2025 impairment charges under Japan’s mark‑to‑market rules.
- Leaders reaffirm targets of 100,000 BTC by end‑2026 and 210,000 by 2027, which would need several billion dollars more if prices hold and could be harder to execute as market data point to softer demand and recent selling by large holders.