Metaplanet Surpasses MARA to Claim Third Place Among Corporate Bitcoin Holders
Metaplanet of Japan has accumulated 43,000 BTC, overtaking MARA Holdings to become the world's third-largest public corporate Bitcoin holder. The company's shares trade at a 16% discount to its Bitcoin holdings despite the milestone.
Japan's Metaplanet has secured a position among the world's top three publicly listed Bitcoin treasury companies, accumulating 43,000 BTC in roughly two years of aggressive purchasing. The Tokyo-based corporation now trails only Strategy and comes within 514 BTC of second place, having overtaken U.S.-based MARA Holdings and its 36,303 BTC.
During Q2 2026, Metaplanet resumed market activity after a brief pause and acquired an additional 2,823 BTC, deploying 35.886 billion yen for the purchases. The company financed the acquisitions primarily through loans and the issuance of ordinary bonds rather than share dilution, preserving existing investors' stakes.
A dedicated internal division supplemented the funding by trading Bitcoin options, generating $10.95 million in net profit. Those proceeds were reinvested into coin purchases, effectively lowering the average acquisition cost per Bitcoin below prevailing market prices.
Metaplanet's total Bitcoin holdings are currently valued at approximately 409 billion yen. Cumulative spending across all purchases since the strategy launched stands at roughly 659 billion yen.
The company tracks performance through a proprietary metric called BTC Yield, which measures how much additional Bitcoin accrues per investor share. The figure rose 6.6% over Q2 2026, an improvement over the 2.8% growth recorded at the start of the year. However, management acknowledges that yield expansion naturally decelerates as the reserve grows — each incremental thousand BTC represents a progressively smaller percentage gain on a base of 43,000 coins.
Strategy CEO Michael Saylor publicly congratulated Metaplanet on July 2, 2026, writing on social media: 'Congrats to Metaplanet on reaching ₿43,000 and becoming the #3 corporate Bitcoin treasury in the world. You are proving that the Bitcoin treasury strategy is global.'
Despite the milestone, Metaplanet shares on the Tokyo Stock Exchange are currently trading at a 16% discount to the underlying Bitcoin value, with a mNAV ratio of 0.84. This means investors purchasing shares on the open market effectively acquire exposure to the company's Bitcoin at below-market prices.
The situation contrasts sharply with Strategy, the global leader in corporate Bitcoin holdings, whose stock trades at an 8% premium to its reserves. Analysts note that Metaplanet's discount represents an unusual dynamic in the Asian market, where a company has assembled a significant digital asset reserve yet remains valued by the market at less than the worth of those assets alone.
According to data from BitcoinTreasuries.net, Metaplanet needs to acquire just 514 more BTC to displace the current second-place holder and move further up the global ranking. Whether the company will accelerate purchases to close that gap in Q3 2026 has not been disclosed.
