Metaplanet Buys 5,075 BTC as MARA Shifts Focus To AI

Metaplanet adopted its BTC standard strategy in April 2024 and has rapidly scaled its holdings through equity, warrants, and purchases, achieving a 2.8% BTC Yield in Q1 2026 while treating Bitcoin as a treasury reserve.

This latest purchase brings Metaplanets total Bitcoin holdings to 40,177 BTC, with a cumulative cost of about $4.18 billion, averaging $97,593 per BTC. At current market prices, Metaplanet, trading under the ticker MPJPY, has an Enterprise value of $3B.

MARA Sells $1.1B BTC and Cuts 15% of Staff

Between March 4 and March 25, 2026, MARA Holdings sold 15,133 BTC for about $1.1 billion. The company used most of the proceeds to repurchase roughly $1 billion of 0.00% convertible senior notes due in 2030 and 2031 at a 9% discount. This reduced MARAs convertible debt by about 30%, from $3.3 billion to $2.3 billion, and cut its Bitcoin holdings by 28%, from 53,822 BTC to 38,689 BTC.

A 15% staff reduction followed the Bitcoin sales. The layoffs carried out in waves across multiple departments in early April reflect MARAs broader strategic pivot away from a pure-play Bitcoin mining model.

The reduction in MARAs holdings directly enabled Metaplanet to surpass MARA and become the third-largest corporate Bitcoin holder globally. MARA framed this move as a strategic shift from pure BTC mining toward AI and energy infrastructure.

Whats Next for Corporate BTC Treasuries Amid Miner Pivots？

Many public BTC miners face sustained pressure from post-halving economics, elevated energy costs, and compressed margins in 2026. As a result, several companies are shifting away from pure BTC HODL models.

Firms like Core Scientific, Hut 8, and Cipher Mining are repurposing data centers for AI workloads, often selling part of their Bitcoin holdings to fund the transition or manage their balance sheets.

Dedicated Bitcoin treasury companies, treating BTC as a primary reserve rather than a mining byproduct, continue aggressive purchases even as overall corporate buying slows. Metaplanet aims for 100,000 BTC by end-2026 and 210,000 BTC by 2027 through equity raises and disciplined accumulation, concentrating supply among committed players and reinforcing Bitcoins strategic reserve role.

Therefore, this environment could foster greater concentration among the smaller groups of committed players, reinforcing Bitcoins role as a strategic corporate reserve amid volatility.