Metaplanet, the Tokyo-listed company, purchased 5,075 Bitcoin during the first quarter of 2026 at a cost of approximately $405 million, or around $79,898 per coin. The acquisition elevates the firm to the position of third-largest publicly listed Bitcoin treasury, according to data from Bitcoin Treasuries. The figures were shared with investors by chief executive Simon Gerovich in recently released materials.
The company now holds a total of 40,177 BTC on its balance sheet, with an aggregate cost basis of roughly $4.18 billion. The average cost per coin across the entire holdings stands at $104,106. Metaplanet also reported a year-to-date BTC Yield of 2.8% for 2026, a proprietary metric that measures growth in Bitcoin holdings on a per-share basis rather than income generated across the treasury.
Alongside its treasury expansion, Metaplanet disclosed first-quarter fiscal 2026 operating revenue of 2.97 billion Japanese yen, equivalent to approximately $18.6 million, from its Bitcoin Income Generation business. This segment employs collateral-secured Bitcoin option strategies within a dedicated portfolio that is kept separate from the company’s long-term BTC holdings. The structure is designed to ensure that income-generating activity does not interfere with the core treasury position.
For comparison, the same segment generated roughly $53.7 million in revenue across the full fiscal year 2025, bringing trailing 12-month revenue to approximately $71.5 million, according to an April 2 filing. The figures indicate meaningful growth in the income generation arm during the most recent quarter. The filing outlines how capital produced through this business can be recycled into additional Bitcoin purchases once option cycles conclude, allowing derivatives revenue to be converted into long-term BTC holdings over time.
The disclosures illustrate a two-track strategy at Metaplanet: steadily growing its long-term Bitcoin treasury while operating a ring-fenced options business to produce revenue. The company left its consolidated revenue and operating profit forecast for the year ending December 31, 2026, unchanged from guidance issued on January 26, 2026. Metaplanet shares traded lower on Thursday at $302 per share, a decline of 1.95% from the prior session’s close of $308, according to data from Yahoo! Finance.
The broader publicly listed Bitcoin treasury space also saw notable activity this week. Fellow holding company Nakamoto disclosed on Wednesday that it sold 284 BTC for $20 million in March and exited a significant portion of its Metaplanet stake at a loss during the first quarter. The development highlights how listed Bitcoin vehicles remain highly sensitive to price movements and shifting capital market conditions.
Originally reported by CoinTelegraph.
