The company has become the third largest Bitcoin treasury.

In the first quarter, the Japanese firm Metaplanet purchased 5,075 BTC for $405.5 million, with an average purchase price of approximately $79,898 per coin.

メタプラネット、ビットコインをさらに 5,075 BTC追加取得、保有量は合計 40,177 BTCに pic.twitter.com/gNSipSmXx6

— Metaplanet Inc. (@Metaplanet) April 2, 2026

Metaplanet's total investment in Bitcoin has reached approximately $2.6 billion, with an average entry price of $104,106. The company now ranks third among the largest holders of digital gold, behind Strategy (762,099 BTC) and Twenty One (43,514 BTC).

🪜 We keep climbing. Now #3 pic.twitter.com/gpGkYjqsuQ

— Simon Gerovich (@gerovich) April 2, 2026

The company reported that its Bitcoin income strategies generated ¥2.969 billion ($18.6 million) in the first three months of 2026. To reduce costs associated with cryptocurrency purchases, the firm employed options strategies.

During this period, the BTC Yield metric was 2.8%, while BTC Gain was 876 BTC, compared to 3,672 BTC in the previous quarter.

In March, Metaplanet raised $531 million to pursue its long-term goal of acquiring 210,000 BTC. The company adopted a Bitcoin strategy in 2024.

Simultaneously, the firm is integrating into the broader digital asset ecosystem. The Japanese company has established two subsidiaries for venture investments in projects related to the first cryptocurrency and has invested in stablecoin JPYC.

Today our Board approved the establishment of two new wholly owned subsidiaries, Metaplanet Ventures and Metaplanet Asset Management.

Metaplanet Ventures is our commitment to Japan's Bitcoin ecosystem. We'll be investing ¥4 billion over the next few years into companies building…

— Simon Gerovich (@gerovich) March 12, 2026

For the fiscal year 2025, Metaplanet reported an unrealized loss of ¥104.6 billion ($680 million) due to falling prices. However, the company raised its annual revenue forecast from ¥6.8 billion to ¥8.58 billion, citing unexpectedly strong results from its Bitcoin income generation.

The company's shares are trading at $302, having dropped 1.9% in the last day.

Source: Yahoo Finance.

Market Shift

Companies and governments that have actively accumulated Bitcoin over the past two years are now liquidating their positions, according to CoinDesk.

Public companies hold over 1.16 million BTC (about 5% of the total cryptocurrency supply), but the trend of liquidation is gaining momentum. This shift is attributed to the weak price dynamics of digital gold, which has been in a downward trend since last fall.

On April 1, Empery Digital announced the sale of 370 BTC ($24.7 million) at an average price of $66,632, leaving it with 2,989 BTC. Part of the proceeds went towards fully repaying a loan, and approximately 1,800 BTC that were previously collateralized were released.

The company began building its Bitcoin treasury in July 2025, accumulating around 4,000 BTC. Its stock has plummeted 75% from its all-time high.

The AI-focused educational project Genius Group has completely sold off its holdings. As of March last year, the startup owned 440 BTC. On April 1, 2026, the management liquidated the last 84 BTC to settle a debt of $8.5 million. The company stated it would resume accumulation once market conditions improve.

Bitcoin miner Riot Platforms continues to sell Bitcoin to finance its pivot towards AI. Recently, the company moved 500 BTC (~$34.13 million).

It seems that Bitcoin mining company Riot Platforms sold another 500 $BTC($34.13M) 2 hours ago.https://t.co/x90aGbqgsY pic.twitter.com/cDLvWC79mF

— Lookonchain (@lookonchain) April 1, 2026

In the last two months of 2025, the firm liquidated about $200 million in BTC. Its peak reserves reached 19,000 BTC, which is now around 17,500 BTC.

Since the beginning of this year, the government of Bhutan has sold 3,103 BTC. For several years, the country accumulated digital gold through state mining.

It is worth noting that amid the market correction, crypto treasuries have suffered billion-dollar "paper" losses.