Metaplanet flips MARA with 43K BTC, but can it still reach 100K?
After MARA, will Metaplanet flip Twenty One Capital next in the Bitcoin treasury race?
Japan-based Metaplanet has become the world’s third-largest Bitcoin treasury, effectively flipping public miner MARA.
Metaplanet reported that it added 2,823 BTC in Q2, bringing its stash to 43K coins. It surpassed MARA’s 36.3K BTC holdings and could soon outpace the second-largest treasury firm, Twenty One Capital, which currently holds 43.5K BTC.
Commenting on the milestone, Michael Saylor, the founder of the global BTC treasury leader Strategy, said,
Congrats to Metaplanet on reaching ₿43,000 and becoming the #3 corporate Bitcoin treasury in the world. You are proving that the Bitcoin treasury strategy is global.
Still, the firm may fail to hit its end of 2026 target of 100K Bitcoin [BTC], given the pace of accumulation in the past few quarters.
Notably, in Q4 2025, it bought about 5K BTC. Similarly, it acquired slightly over 5K BTC in Q1 2026, bringing its stash to 40.1K BTC. The latest report shows that it only bought half of what it purchased in the past quarters.
Assuming it adds another 10K BTC in the next two quarters, that would be 53K BTC. Still, this would be short of the 100K BTC target.
Mixed results for Bitcoin treasury sector
That said, some firms such as Bitcoin miner Riot Platforms offloaded 500 BTC, worth $30M, to double down on its AI bet. In fact, MARA and other public miners have used their BTC holdings to expand into AI infrastructure investments.
Another Korean and Nasdaq-listed firm, K Wave Media, also exited its entire Bitcoin treasury trade after selling its remaining 88 BTC. According to SEC filings, it sold the last BTC holdings in Q2 to repay a $6M debt.
Overall, demand by BTC treasury firms has been mixed in H1 2026. After the February dump, the public firms added over 80K BTC, and demand peaked in April.
In the past two months, the demand tapered to 46K BTC in May. By June, the appetite fell by over 8x to only 7K BTC as BTC struggled to hold above $60K.
Overall, top firms like Metaplanet have increased their BTC exposure but at a relatively slow pace. The trend has mirrored broader mixed demand for BTC by public firms in H1 2026.
Final Summary
- Metaplanet increased its holdings to 43K BTC, making it the third-largest Bitcoin treasury firm
- Bitcoin treasury firms saw surging demand in Q1 but peaked in April, before easing in late Q2.
