Metaplanet has become the third-largest public Bitcoin holder after acquiring 5,075 BTC in Q1 2026, bringing its total to 40,177 BTC. The Tokyo-listed firm surpassed MARA Holdings and now trails only Strategy and Twenty One Capital. Metaplanet's ambitious "555 Million Plan" aims to accumulate 100,000 BTC by the end of 2026, but the company faces a $3.5 billion funding gap to achieve this target. Despite a $1.5 billion unrealized loss due to Bitcoin's price decline, Metaplanet continues its aggressive accumulation strategy. The firm raised $275 million in Q1 and could reach $531 million through stock sales, alongside generating $18.9 million from Bitcoin-related activities. However, with current holdings valued at approximately $2.7 billion, the company needs significant additional capital to meet its acquisition goals.