The ascent to third place reflects steady accumulation rather than a single surge, signaling a durable shift in corporate Bitcoin ownership dynamics.

Full-year 2025 revenue from the segment was about $53.7 million with trailing-12-month revenue near $71.5 million, underscoring a two-track approach of expanding the treasury while recycling option-derived revenue into more BTC.

The article notes related material on crypto privacy and broader Bitcoin market dynamics tied to geopolitical developments, without detailing specific Metaplanet investment actions.

The strategy includes bitcoin-linked shareholder perks and an upcoming card rewards program with about 1.6% cashback in BTC, aimed at funding future income activities.

Metaplanet (ticker 3350) bought 5,075 BTC in Q1 2026 for about $398 million, lifting total holdings to 40,177 BTC and cementing its position as the third-largest publicly traded holder of Bitcoin.

Strategy remains led by a couple of giants in the space, with Bitcoin’s top holders including Strategy and XXI, placing Metaplanet behind them but ahead of peers like Bitcoin Standard Treasury Corp and Bullish.

2025 accounting losses were large due to impairment and reporting, yet operating Bitcoin-related activities showed revenue and operating income growth, indicating underlying expansion.

Capital strategy includes rolling options-derived income into long-term Bitcoin holdings, converting derivatives revenue into additional BTC over time.

The company is building a Bitcoin income-generation segment to diversify yields beyond price appreciation.

Metaplanet broadened into venture capital and asset management, including an investment in the Japanese stablecoin JPYC as part of its broader strategy.

The company’s long-term target remains 210,000 BTC (roughly 1% of total supply) by end-2027, signaling ongoing capital raises and income-generation activities across multiple quarters.

CEO Simon Gerovich frames Bitcoin as a long-term reserve asset for Japan amid inflation and yen depreciation, reinforcing a treasury-focused strategy.