MARA’s $1.1 Billion Bitcoin Sell-Off Hands Metaplanet the Number 3 Spot
Metaplanet (3350) acquired 5,075 BTC for about $398 million throughout the first quarter of 2026, pushing its complete holdings to 40,177 BTC and vaulting previous MARA Holdings in the world bitcoin treasury rankings.
The Tokyo-listed agency now sits behind solely Strategy (MSTR) and Twenty One Capital (XXI) amongst publicly traded corporations by bitcoin held on their steadiness sheets.
MARA’s Sell-Off Opens the Door
Metaplanet’s rise to 3rd place owes as a lot to its personal accumulation as to MARA Holdings’ (MARA) significant retreat.
The US-based miner sold 15,133 BTC between March 4 and March 25 for roughly $1.1 billion, utilizing the proceeds to repurchase $1 billion in convertible senior notes due 2030 and 2031.
That sale minimize MARA’s holdings to 38,689 BTC, down from 53,822 BTC at the begin of the 12 months. The firm framed the transfer as steadiness sheet administration, noting it lowered excellent convertible debt by roughly 30%.
MARA had already (*3*) in the fourth quarter of 2025 after taking a $1.5 billion write-down on its digital asset holdings.
Its pivot towards AI infrastructure and knowledge facilities added additional motive to lighten the bitcoin stack.
Metaplanet’s Accumulation Strategy
Metaplanet paid a median of roughly $78,000 per coin for its Q1 purchases. Its complete price foundation throughout all 40,177 BTC sits at roughly $97,000, implying a complete outlay of about $3.9 billion.
The agency has reported a BTC yield of two.8% year-to-date. Metaplanet’s broader ambitions are far bigger.
Under its “555 Million Plan,” it targets 100,000 BTC by the finish of 2026 and 210,000 BTC by the finish of 2027.
To fund continued purchases, the firm has raised capital via worldwide inventory choices and warrant workout routines.
It just lately secured roughly $255 million from world institutional traders with the potential for a further $276 million.
However, shares haven’t saved tempo with the bitcoin shopping for spree. Metaplanet inventory traded at 302 yen ($1.89) on April 2, down roughly 2% on the day and effectively beneath its June 2025 peak of 1,930 yen.
A Widening Gap at the Top
The hole between the prime two holders and the remainder of the area stays huge. Strategy holds 762,099 BTC, greater than 18 instances Metaplanet’s stack. Twenty One Capital sits at 43,514 BTC.
Below Metaplanet, the competitors contains corporations like Bitcoin Standard Treasury Corp (CEPO) at 30,021 BTC and Bullish (BLSH) at 24,300 BTC, in accordance with BitcoinTreasuries knowledge.
Whether Metaplanet can maintain its new rating is determined by continued entry to capital and MARA’s willingness to promote additional.
With Bitcoin trading for $66,372 as of this writing, and Metaplanet’s common price foundation roughly 46% above that degree, the agency’s treasury stays considerably underwater at the same time as its place on the leaderboard improves.
The submit MARA’s $1.1 Billion Bitcoin Sell-Off Hands Metaplanet the Number 3 Spot appeared first on BeInCrypto.
