Metaplanet Bitcoin treasury jumps ahead of MARA after Q1 BTC buys

Published: 2026-04-02 16:06:50 |

Metaplanet’s Bitcoin treasury kept buying through Q1 2026’s risk-off mood, lifting holdings to 40,177 BTC and pushing it ahead of MARA Holdings to become the third-largest publicly traded corporate BTC treasury. In Q1, Metaplanet added 5,000+ BTC at about $79,898 per coin, and its BTC Yield was reported at 2.8% YTD (a diluted-share growth metric, not staking yield). The move contrasts with MARA, which reportedly cut exposure from ~53,822 BTC near the year’s start to 38,689 BTC by late March. MARA sold 15,133 BTC (about $1.1B) from March 4–25; part of the proceeds funded a ~$1B convertible senior notes repurchase, cutting debt by 30%. Other demand highlights include Strategy (Michael Saylor), which added about 89,000 BTC in Q1 and held 762,099 BTC at an average cost of ~$75,699. Blockstream CEO Adam Back also reiterated a planned pivot via Bitcoin Standard Treasuries, including a reported ~$1.5B BTC buy after SPAC approval (still pending as of April 2). Traders should watch how these ongoing Bitcoin treasury flows and competing corporate buys affect near-term BTC supply and momentum.

Bullish

Bullish for BTC because the latest update reinforces a continued corporate Bitcoin treasury bid during a softer/feared tape, with Metaplanet overtaking MARA after adding 5,000+ BTC at relatively low average cost. Even though MARA reduced exposure, the net effect highlighted here is not a broad corporate retreat—Strategy also kept accumulating heavily, and a further ~$1.5B BTC plan tied to Bitcoin Standard Treasuries adds potential forward demand visibility. Short-term, concentrated treasury purchases can tighten perceived available BTC supply and support sentiment, especially when large issuers are actively reallocating capital. Long-term, persistent treasury compounding (and planned capital raising/structured buy plans) can keep institutional-style demand expectations elevated. However, the impact may be limited if broader market selling overwhelms these flows; still, the direction of Bitcoin treasury accumulation in the report is net supportive for BTC price momentum.