How Metaplanet Quietly Became the World’s No. 3 Public Bitcoin Holder — Despite Heavy Losses and a Brutal Start to 2026

Key Takeaways

• Metaplanet softly became the third-largest public-company Bitcoin holder with 40,177 BTC arsenic of April 2, 2026.

• The emergence came arsenic the institution kept buying done losses portion rivals similar MARA reduced holdings.

• Large accounting losses masked continued accumulation driven by equity, debt, and Bitcoin-focused operations.

While attraction stayed connected geopolitical tensions, terms swings and ETF flows, Metaplanet, amended known arsenic Asia’s MicroStrategy, has softly moved into the No. 3 spot among public-company Bitcoin holders.

As of April 2, 2026, the Tokyo exchange-listed steadfast held 40,177 BTC, according to institution disclosures.

That places it down lone Strategy (762,099 BTC) and Twenty One Capital (43,514 BTC).

The determination wasn’t driven by a abrupt surge. It happened gradually—and mostly retired of view.

What makes the ascent notable is that it came aft a agelong that would person forced galore companies to dilatory down.

Metaplanet entered 2026 carrying the scars of a brutal 4th fourth successful 2025, erstwhile falling Bitcoin prices triggered a monolithic impairment connected its equilibrium sheet.

By January, the institution had flagged astir ¥104.6 cardinal successful Bitcoin-related impairment losses and warned of a heavy full-year nett loss, adjacent arsenic its operating concern continued to expand.

By February, its audited FY2025 results showed gross had surged to ¥8.9 billion, operating income to ¥6.3 billion, but nett nonaccomplishment attributable to owners of the genitor widened to astir ¥95.0 billion.

On paper, it looked similar a institution that had mistimed its bet. But the losses told lone portion of the story.

Operationally, the concern continued to expand. And much importantly, the institution did not dilatory its accumulation strategy.

By the extremity of December 2025, it already held implicit 35,000 BTC. In the months that followed—despite anemic stock show and antagonistic output metrics—it kept adding.

By aboriginal April, that fig had crossed 40,000 BTC.

By aboriginal April, that fig had crossed 40,000 BTC.

Strategy remained successful a class of its own, disclosing 762,099 BTC successful precocious March.

Twenty One Capital, aft completing its concern combination, said it would statesman trading with much than 43,500 Bitcoin connected its equilibrium sheet.

But beneath them, the rankings shifted erstwhile MARA disclosed that betwixt March 4 and March 25 it sold 15,133 BTC for astir $1.1 cardinal to money enactment repurchases.

Metaplanet did not leapfrog its mode into 3rd with 1 spectacular announcement; it got determination due to the fact that it kept accumulating portion different large holder chopped back.