La vente de 1,1 milliard de dollars de Bitcoin par MARA place Metaplanet à la troisième position

In a strategic divergence defining Q1 2026, Tokyo-listed Metaplanet has overtaken U.S. Miner MARA Holdings as the world’s third-largest corporate Bitcoin holder. While Metaplanet aggressively accumulated over 5,000 BTC, MARA liquidated $1.1 billion in assets to retire convertible debt, signaling a critical shift from pure accumulation to balance sheet stabilization.

The hierarchy of corporate Bitcoin treasuries is shifting beneath the feet of institutional investors. For years, the narrative was simple: accumulate and hold. That era is fracturing. Metaplanet Inc. (3350.T) has surged past Marathon Digital Holdings (MARA) to claim the third spot globally, trailing only MicroStrategy and Twenty One Capital. This isn’t just a numbers game; it represents two fundamentally different approaches to corporate treasury management in a volatile macro environment.

MARA’s retreat was calculated. Between March 4 and March 25, the mining giant offloaded 15,133 BTC, generating approximately $1.1 billion in liquidity. This wasn’t a panic sale; it was a surgical strike on their liability structure. Per the SEC Form 8-K filing, proceeds were directed toward repurchasing senior convertible notes due in 2030 and 2031. The move slashed their outstanding convertible debt by roughly 30%, a necessary maneuver after posting a staggering $1.7 billion net loss in Q4 2025, driven largely by asset impairment charges.

The miner is pivoting. With the industry increasingly focused on high-performance computing for artificial intelligence, MARA is freeing up its balance sheet to fund infrastructure upgrades. They are trading digital gold for physical silicon. This requires heavy capital expenditure, and carrying high-interest convertible debt while holding depreciating assets is a recipe for insolvency. Companies navigating similar debt refinancing often engage specialized debt restructuring advisory firms to negotiate terms that don’t bleed equity value.

Metaplanet, conversely, is doubling down on the treasury model. The Tokyo-based firm acquired 5,075 BTC in Q1 2026 alone, spending roughly $398 million. Their total hoard now stands at 40,177 BTC. But here lies the friction: their entry price is punishing. Data aggregated from BitcoinTreasuries.net indicates Metaplanet’s average cost basis sits near $97,000 per coin. With Bitcoin trading around $66,372, the company is sitting on a significant unrealized loss, despite the accolade of being number three.

“Metaplanet is executing a high-conviction yield strategy, but their cost basis creates a dangerous overhang. If BTC doesn’t reclaim the $100k level quickly, their equity valuation will remain disconnected from their underlying asset value.” — Senior Digital Asset Strategist, Global Macro Fund

The divergence in strategy highlights a broader market tension. MARA is de-risking; Metaplanet is leveraging up. Metaplanet’s “555 Million Plan” targets 100,000 BTC by the end of 2026. To fuel this, they recently closed a $255 million capital raise from global institutional investors, with an option for an additional $276 million. This capital influx is critical. Maintaining such an aggressive accumulation schedule requires flawless execution in investor relations. As the gap between their stock price (trading at 302 JPY) and their asset value widens, the require for top-tier investor relations firms becomes paramount to justify the premium to shareholders.

The competitive landscape below the top two is tightening. The gap between MicroStrategy’s massive 762,099 BTC reserve and the rest of the field remains insurmountable for now. However, the battle for the third spot is fierce. Bitcoin Standard Treasury Corp and Bullish are breathing down Metaplanet’s neck with 30,021 and 24,300 BTC respectively. Retaining this rank isn’t about holding; it’s about access to capital markets.

Metaplanet’s ability to sustain its trajectory depends entirely on its cost of capital. If Japanese interest rates rise or global liquidity tightens, their arbitrage strategy—borrowing cheap yen to buy hard assets—could unravel. MARA, by clearing its debt, has bought itself time and flexibility. They can now pivot to AI data centers without the drag of legacy crypto debt. Here’s a classic case of corporate treasury management dictating long-term survival over short-term ranking.

Treasury Strategy Comparison: Q1 2026

The market is punishing Metaplanet’s stock for its aggressive entry point. Shares are down roughly 2% on the day, trading far below their June 2025 highs of 1,930 JPY. Investors are skeptical of the “buy high” strategy when the underlying asset is correcting. Meanwhile, MARA’s stock reaction to the sale was muted, suggesting the market views the debt reduction as a net positive for long-term solvency.

For CFOs watching this showdown, the lesson is clear: rankings are vanity, liquidity is sanity. Metaplanet has the title, but MARA has the cleaner balance sheet. As we move into Q2, watch for Metaplanet to issue more warrants or equity to fund their 100k BTC goal. If they dilute shareholders too aggressively to chase a ranking, the title of “Number Three” may become a Pyrrhic victory.

The corporate Bitcoin race is no longer just about who has the most coins. It is about who can manage the liability side of the equation while the asset side fluctuates. Whether through debt buybacks or equity raises, the winners will be those who treat their treasury not as a static vault, but as a dynamic engine for growth. For businesses looking to replicate these complex capital maneuvers, partnering with experienced financial consulting groups is no longer optional—it is existential.