Japanese firm Metaplanet closed Q1 2026 with 40,177 Bitcoin on its balance sheet after purchasing 5,075 BTC through the quarter. The acquisition, confirmed in an official disclosure filed April 2, 2026, puts the company’s total cost basis at approximately 623.37 billion yen. The weighted average purchase price for all holdings now sits at 15,515,598 yen per coin.
On X, Simon Gerovich, Metaplanet’s Representative Executive Officer and CEO, shared the figures directly. According to Gerovich on X, the company acquired 5,075 BTC during Q1 at roughly 12,540,793 yen per coin, with year-to-date BTC yield reaching 2.8% as of March 31, 2026.
Q1 Buying Activity and Yield Performance
The 5,075 BTC bought this quarter cost approximately 63.645 billion yen in total. That figure does not tell the full story, though. Metaplanet’s Bitcoin Income Business, which runs options strategies tied to its BTC holdings, generated revenue of 2,969 million yen during the same quarter. After factoring that in, the effective net acquisition cost per coin drops to roughly 11,955,713 yen.
That number closely tracks the quarterly volume-weighted average price on bitFlyer for the BTC/JPY pair, which came in around 11,869,387 yen during Q1. The company’s stated goal is to match or beat the quarterly VWAP on a net cost basis over the medium to long term.
The 2.8% BTC yield for Q1 2026 marks a notable slowdown compared to prior quarters. The company recorded yields of 95.6% in Q1 2025, 129.4% in Q2 2025, 33.0% in Q3 2025, and 11.9% in Q4 2025. The BTC Gain figure for Q1 2026 came in at 876 BTC, translating to a BTC JPY Gain of approximately 9.293 billion yen.
Capital Market Activity Behind the Purchases
Two major capital raises helped fund the buying. On January 29, 2026, Metaplanet’s board approved a third-party allotment of 24,529,000 shares at 499 yen each, alongside the issuance of the 25th series of warrants. The placement closed February 13, raising 12.24 billion yen in total. The warrants are exercisable into 15,944,000 shares at 547 yen each.
Then on March 16, a significantly larger deal came through. The board approved another third-party allotment, this time 107,368,000 shares at 380 yen each, paired with the 26th series of warrants. That placement settled March 31, pulling in just over 40.8 billion yen. The 26th series warrants convert into up to 107,368,000 shares at 410 yen per share.
Both deals were structured as a combined ordinary share and warrant package, a format the company describes as new to its capital toolkit. Shares in each case were issued at a premium to the prevailing market price, with warrants set at an even higher strike. The structure limits future dilution to price levels above what shares traded at issuance.
Moving Strike Warrants and Balance Sheet Direction
A third instrument was also approved on March 16. The 27th series of warrants, issued to EVO FUND, consists of 1,000,000 warrants convertible into 100,000,000 shares. These are moving-strike warrants, with the exercise price set daily at 100% of the prior session’s closing price. No discount applies. The exercise window opens April 16, 2026.
Tied to that, Metaplanet suspended exercise of its 23rd and 24th series warrants, also held by EVO FUND, effective March 24. Those two series represent 2.1 million warrants and a combined 210 million potential shares. The company says it will revisit whether to resume them once the 27th series is in motion.
Part of the capital raised this quarter went toward paying down existing debt. Metaplanet says it is actively delevering its balance sheet ahead of potential future preferred stock issuances, treating a clean capital structure as a baseline condition for future financing.
Holdings Now at 40,177 BTC
Total Metaplanet Bitcoin holdings stood at just 4,046 BTC as of March 31, 2025. In twelve months, that number grew to 40,177. The company has been acquiring since mid-2024, when its holdings were below 250 BTC.
The average cost across all 40,177 coins sits at 15,515,598 yen, and the total cost base is 623.37 billion yen, as confirmed in the official April 2 filing. That compares to 35,102 BTC held at end-2025 and a then-average cost of roughly 15,945,691 yen per coin. The lower per-coin average now reflects the Q1 purchases made at prices below the prior cumulative average.
Metaplanet has not issued dividends on ordinary shares and says current KPIs should not be read as a forecast of future distributions or as a direct proxy for the market value of its stock.
Key Takeaways:
- Metaplanet bought 5,075 BTC in Q1 2026 at 12.54M yen/coin, lifting total holdings to 40,177 BTC.
- Net cost after Bitcoin Income Business revenue was ~11.95M yen/coin, near bitFlyer’s Q1 VWAP.
- Two capital raises totaling over 53 billion yen funded the purchases alongside warrant issuances.
