Japan-based Metaplanet has ascended to the position of the third-largest public firm holding Bitcoin, following the acquisition of 5,075 BTC worth $405 million in Q1 2026. This purchase increased its total holdings to 40,177 BTC, surpassing Bitcoin miner MARA, which reduced its holdings to 38,000 BTC after selling over 15,000 BTC in March. Metaplanet aims to significantly expand its Bitcoin holdings, targeting 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. Despite raising $275 million through stock sales and generating $18.9 million in Bitcoin-related revenue in Q1, the firm faces a $3.5 billion shortfall to meet its 2026 target. Additionally, Metaplanet's current Bitcoin holdings face an unrealized loss of $1.5 billion, as the value of its stash has decreased by 36% amid Bitcoin's price struggles.