Japan-based Metaplanet has become the world’s third-largest Bitcoin treasure, effectively disrupting public miner MARA.
Metaplanet reported adding 2,823 BTC in the second quarter, bringing its stock to 43 thousand tokens. It has surpassed MARA’s 36.3k BTC holdings and may soon overtake the second largest treasury firm, Twenty One Capital, which currently holds 43.5k BTC.
Commenting on this milestone, Michael Saylor, founder of global BTC treasury leader Strategy, said:
Congratulations to Metaplanet for reaching ₿43,000 and becoming the world’s 3rd institutional Bitcoin treasure. You prove that Bitcoin treasury strategy is global.
Still, the company may not reach its target of 100,000 by the end of 2026. Bitcoin (BTC)Given the pace of accumulation over the last few quarters.
Specifically, he purchased approximately 5 thousand BTC in the 4th quarter of 2025. Similarly, in the first quarter of 2026, he purchased just over 5 thousand BTC, increasing his stock to 40.1 thousand BTC. The latest report shows that it purchased only half of what it purchased in previous quarters.
If we assume that it adds another 10 thousand BTC in the next two quarters, this will be 53 thousand BTC. Still, this would be below the 100,000 BTC target.
Mixed results for Bitcoin treasury sector
However, some companies, such as Bitcoin miner Riot Platforms evacuated 500 BTC worth $30 million to double the AI bet. In fact, MARA and other public miners have used their BTC holdings to expand into AI infrastructure investments.
K Wave Media, another Korean and Nasdaq-listed firm, also exited all Bitcoin treasury trading after selling its remaining 88 BTC. According to SEC filings, the company sold its last BTC holdings in the second quarter to pay off $6 million in debt.
Overall, demand from BTC treasury firms remained mixed in the first half of 2026. After the decline in February, public firms added over 80 thousand BTC and demand peaked in April.
In the last two months, demand decreased to 46 thousand BTC in May. By June, as BTC struggled to hold on above $60k, appetite dropped more than 8x to just 7k BTC.
Overall, leading firms like Metaplanet have increased their BTC exposure but at a relatively slow pace. This trend reflects broader mixed demand for BTC from public firms in the first half of 2026.
Final Summary
- Metaplanet increases its assets to 43 thousand BTC, making it the third largest Bitcoin treasury company
- Bitcoin treasury firms saw demand surge in the first quarter but peaked in April before easing late in the second quarter.
