Metaplanet's Dual Engine: Bitcoin Buys and Options Fuel Ascent to Third Place

Japan's Metaplanet aggressively buys Bitcoin, using options revenue to lower costs. It now holds 40,177 BTC, surpassing MARA, despite trading at a discount to its NAV.

While many corporate Bitcoin holders have been selling, Japan's Metaplanet continues to accumulate at a relentless pace. Its aggressive strategy, powered by fresh capital and a lucrative options business, has now propelled it to become the world's third-largest publicly traded holder of the cryptocurrency.

The company closed the first quarter of 2026 with a total of 40,177 Bitcoin. During those three months, it added 5,075 BTC at an average price of approximately $79,900 per coin, for a total outlay of about $405 million. This acquisition spree allowed Metaplanet to overtake MARA Holdings, which had reduced its reserves to around 38,689 BTC. The firm's total investment now stands at roughly $4.18 billion, carrying an average cost basis of $104,106 per Bitcoin.

A Cost-Reduction Machine in Motion

A key component of Metaplanet's strategy is a separate options portfolio designed to generate ongoing revenue. This operation brought in 2.97 billion yen, or about $18.6 million, in Q1 2026. Management channels these proceeds directly back into the core Bitcoin position, effectively lowering the net acquisition cost. For the quarter, this income equated to roughly $3,900 per Bitcoin purchased.

The company recently secured an additional $255 million through a capital raise explicitly earmarked for further Bitcoin purchases. It pursues a dual-track approach: directly building its core Bitcoin holdings via equity and credit lines, while simultaneously running the yield-generating options business.

Navigating a Persistent Discount

Despite this operational progress, Metaplanet's stock price has struggled to reflect the underlying asset growth. Trading around 306 yen on April 8, the share price has been pressured by broader crypto market volatility and geopolitical uncertainty. The market capitalization sits at approximately $2.41 billion, while the net asset value of its Bitcoin holdings is $2.78 billion. This puts the stock at a discount, trading at about 0.87 times its NAV.

An internal performance metric, the Bitcoin Yield, which measures Bitcoin growth per diluted share, came in at 2.8% for the current year. This marks a significant slowdown from the 95.6% recorded in Q1 2025, reflecting the increased share count from recent capital raises. However, the firm's accumulation pace remains high at an annualized rate of roughly 23,000 BTC.

Share Structure and Long-Term Ambitions

Metaplanet continues its share buyback program, aiming to repurchase up to 150 million shares by October 2026. This mechanism is intended to boost the Bitcoin holding per outstanding share. The current "Sats per diluted share" metric stands at 2,473.

The capital structure will see activity with the 27th series of share purchase warrants becoming exercisable by EVO FUND starting April 16, 2026. This series covers 1,000,000 units with the potential for 100 million new common shares. Its exercise price is pegged to the previous day's closing price, with a clause preventing exercise unless the modified NAV is at least 1.01 times the trigger level. Meanwhile, the 23rd and 24th warrant series have been suspended until December 2027.

Management's stated goal is to hold 100,000 BTC by the end of 2026, solidifying its role as a central vehicle for institutional Bitcoin exposure in Asia. The even longer-term target is 210,000 BTC by the end of 2027. Achieving this would require consistently executing capital raises and the options strategy over seven more quarters, with plans to invest an additional 56.9 billion yen (about $357 million) by April 2028. The company's debt ratio remains manageable at 8.9%.