Metaplanet disclosed on Wednesday that it acquired 5,075 bitcoin during the first quarter of 2026, paying approximately $405 million at an average price of roughly $79,900 per coin. The purchase brings the Tokyo-listed company’s total holdings to 40,177 BTC and makes it the third-largest corporate bitcoin treasury in the world, behind only Strategy and Twenty One Capital.

The jump in the rankings was made possible partly by a rival’s retreat. MARA Holdings, the U.S.-based bitcoin miner that previously held the number-three spot, sold 15,133 BTC between March 4 and March 25 for approximately $1.1 billion. The proceeds funded a buyback of convertible senior notes due in 2030 and 2031. With MARA’s stack reduced, Metaplanet’s steady accumulation was enough to leapfrog it.

Strategy remains the dominant player by a wide margin, holding over 762,000 BTC. Twenty One Capital sits in second with 43,514 BTC. Metaplanet has reported a BTC yield of 2.8% year-to-date.

This story is an excerpt from the Unchained Daily newsletter.

The company has outlined aggressive growth targets under what it calls the “555 Million Plan,” aiming for 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. To fund continued purchases, Metaplanet has raised capital through international stock offerings and warrant exercises.

Shares of Metaplanet traded at 302 yen (roughly $1.89) on Wednesday, dipping approximately 2% on the day. The stock remains well below its June 2025 peak of 1,930 yen. Across all holdings, the firm’s average cost basis is approximately $104,100 per bitcoin, meaning its treasury currently sits above spot prices at the time of the Q1 purchases but reflects the cost of earlier buying at higher levels.