Metaplanet just added another 2,823 Bitcoin to its balance sheet, pushing its total stash to 43,000 BTC. For a company that didn’t own a single satoshi before April 2024, that’s a remarkable trajectory.

The Tokyo-listed firm, which trades on the Tokyo Stock Exchange under ticker 3350.T and as an ADR under MPJPY in the US, has been on a relentless accumulation spree. This latest purchase puts Metaplanet in direct competition with Twenty One Capital, which holds roughly 43,514 BTC, for the title of third-largest corporate Bitcoin holder on the planet.

The numbers behind the buying binge

To appreciate how fast Metaplanet is moving, look at the timeline. The company ended 2025 with 35,102 BTC. By March 31, 2026, it had reached 40,177 BTC after scooping up 5,075 BTC in Q1 alone, a haul worth approximately $398 million to $405 million at an average price between $78,000 and $80,000 per coin.

Now, with this fresh 2,823 BTC purchase, the total sits at 43,000 BTC. That’s a jump of roughly 22.5% from where the company started the year.

The average acquisition cost across Metaplanet’s entire portfolio sits somewhere between $97,000 and $104,000 per BTC, depending on the reporting period. With Bitcoin trading well above that range in recent weeks, the company is sitting on meaningful unrealized gains.

Metaplanet has publicly stated its goal of reaching 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. That means CEO Simon Gerovich and his team need to acquire another 57,000 BTC in roughly the next six months.

How Metaplanet keeps funding the machine

Metaplanet has been financing its purchases through a combination of equity raises, debt arrangements, and mNAV warrants — a financing mechanism designed to let Metaplanet raise capital while managing dilution for existing shareholders.

The company also opened Level I ADRs for US investors in December 2025, giving American traders a straightforward way to get exposure to Metaplanet’s stock without the friction of buying on the Tokyo Stock Exchange. Level I ADRs don’t require full SEC registration, which makes them cheaper to issue, though they also come with trading limitations compared to higher-tier listings.

Gerovich has been tracking what he calls “Bitcoin yield,” a metric that measures how much additional Bitcoin per share the company generates through its treasury operations. That figure hit 2.8% year-to-date in recent reports.

What this means for investors

The risk profile here is worth examining carefully. Metaplanet is using equity dilution and debt to buy a volatile asset. In a prolonged downturn, the company’s average cost basis of $97,000 to $104,000 per BTC becomes the line in the sand investors need to watch.

The 100,000 BTC target by year-end also deserves scrutiny. Acquiring 57,000 BTC in six months would require spending somewhere north of $5 billion at current prices, meaning Metaplanet will likely need multiple large equity raises and debt issuances, each of which carries execution risk and potential dilution.