Metaplanet bought 5,075 BTC in Q1 2026 for ¥63.6B, pushing total holdings to 40,177 BTC with a 2.8% YTD BTC Yield as of March 31.
Metaplanet closed Q1 2026 with 40,177 BTC on its balance sheet. The Japanese firm spent approximately ¥63.645 billion acquiring 5,075 bitcoin throughout the quarter. Average purchase price came in at roughly ¥12,540,793 per coin.
That brings its total cost basis to about ¥623.37 billion, at an average of ¥15,515,598 per bitcoin. The company confirmed all figures in an official disclosure published April 2.
From 35,000 to 40,000: What Changed This Quarter
As reported in December, Metaplanet ended Q4 2025 holding 35,102 BTC. The Q1 jump to 40,177 BTC marks an addition of over 5,000 coins in three months. That pace tracks the company’s wider plan to hit 100,000 BTC by end of 2026.
Simon Gerovich, Metaplanet CEO, posted the quarterly update on X, noting the 5,075 BTC acquired during Q1 at an average of roughly ¥12.54 million per bitcoin. The 2026 YTD BTC Yield stood at 2.8% as of March 31. According to Gerovich on X, total holdings reached 40,177 BTC acquired for about ¥623.37 billion at roughly ¥15.5 million per coin.
The BTC Yield metric tracks the ratio of total bitcoin holdings to fully diluted shares over a period. It does not reflect cash returns or investment performance in the traditional sense.
The Income Engine Behind the Buys
Not all those coins came purely from capital raises. Metaplanet also runs a bitcoin income operation, mostly through options sales tied to its BTC holdings. That business posted ¥2.969 billion in revenue for Q1 alone.
Per the official filing, income from that segment reduced the effective net acquisition cost. For the 5,075 BTC bought this quarter, income contributions equated to roughly ¥585,080 per bitcoin. That pulled the effective net cost to about ¥11,955,713 per BTC. The quarter’s bitFlyer volume-weighted average price came in near ¥11,869,387, putting Metaplanet’s net cost roughly in line with the broader market.
Capital Activity Ran Heavy in Q1
The quarter involved two notable equity transactions. On January 29, Metaplanet’s board approved a third-party allotment at ¥499 per share covering 24.529 million common shares plus warrants. That deal closed February 13, raising about ¥12.24 billion in total.
Then on March 16, another round at ¥380 per share covered 107.368 million shares alongside a new warrant series. Settlement completed March 31, pulling in roughly ¥40.8 billion. That second raise also introduced a new moving-strike warrant tranche, exercisable from April 16.
Metaplanet separately suspended exercise on two earlier MS warrant series on March 24 as part of the transition. The company has stated it may reconsider those earlier warrants depending on market conditions after the new series is live. This follows the ¥234 million warrant plan Metaplanet disclosed weeks earlier, which included an mNAV clause restricting exercise unless shares trade above 1.01x mNAV.
What the BTC Yield Numbers Show Quarter by Quarter
The company’s quarterly BTC Yield has been declining as its share count grows. Q1 2025 came in at 95.6%. That dropped to 129.4% for Q2, then 33.0% in Q3, 11.9% in Q4 2025, and now 2.8% for Q1 2026. The directional drop is expected as the company’s base grows and dilution from ongoing capital raises is factored in.
BTC per fully diluted share moved from 0.0240486 at the end of December to 0.0247319 as of March 31.
The BTC Gain for Q1 came to 876 BTC. In yen terms, applying the fixed reference price of ¥10,610,570 per BTC, that works out to roughly ¥9.293 billion for the quarter.
