Corporate Bitcoin Treasuries Shift as Metaplanet Overtakes MARA

• Stacey George
• April 4, 2026
• Business
• 0 Comments

Corporate bitcoin treasuries are shifting again: Strategy still leads with 762,099 BTC, while Metaplanet’s latest quarter-end buying program pushed it past MARA and into the third public-company slot. The move matters because it came from opposite treasury decisions, with Metaplanet adding bitcoin through the first quarter while MARA reduced its holdings in March.

How the corporate Bitcoin treasury ranking changed

In a March 23 filing, Strategy reported holdings of 762,099 BTC as of March 22, 2026. That is still the clear lead in corporate bitcoin treasuries, while Bitcoin Treasuries’ April 2 ranking update framed Metaplanet’s move as a rise to third place rather than a challenge to the top.

Metaplanet said its Q1 2026 accumulation program ended on April 2 after the company bought 5,075 BTC during the quarter. The same disclosure put total holdings at 40,177 BTC as of March 31, 2026.

The scale gap remains wide because Strategy’s 762,099 BTC is far above Metaplanet’s 40,177 BTC. The more precise reading is that Metaplanet passed MARA for third place, while the same Bitcoin Treasuries report indicated Twenty One Capital still sat between Metaplanet and Strategy.

Why Metaplanet passed MARA

MARA’s own disclosures explain the drop. In a March announcement, the miner said it sold 15,133 BTC between March 4 and March 25, 2026 for about $1.1 billion.

That decision matters against MARA’s prior baseline. The company’s Q4 2025 shareholder letter said it held 53,822 BTC at December 31, 2025, including 15,315 BTC that was loaned or pledged as collateral.

Set beside Metaplanet’s 5,075 BTC quarterly addition, MARA’s 15,133 BTC sale shows the reshuffle came from opposite balance-sheet moves, not from a change at the top of the leaderboard.

The race is also getting broader across listed companies. That is visible not only in Metaplanet’s climb, but also in American Bitcoin topping 7,000 BTC after its Nasdaq debut, another sign that bitcoin treasury strategy is spreading beyond the biggest incumbents.

What the reshuffle means for the corporate treasury race

Strategy is still adding even from a much larger base. Its March 23 filing said the company bought 1,031 BTC between March 16 and March 22, 2026 for about $76.6 million.

That is why this is a rankings story, not a change in dominance. Strategy’s 762,099 BTC and Metaplanet’s 40,177 BTC are separated by a huge margin, so the sharper signal is that public-company positioning now depends on both accumulation and reduction decisions.

That competition also says something about asset choice. For treasury managers weighing reserve assets, bitcoin’s balance-sheet role can look cleaner when other crypto niches are dealing with control-risk debates such as the USDC freeze controversy involving 16 legitimate wallets.

Operational discipline will matter as these stacks get larger, especially when some holdings are borrowed against or pledged. That concern lines up with our coverage of human error outpacing hacking as a cause of crypto access loss, a reminder that custody execution can affect treasury strategy as much as market conviction.

What to watch next

The next concrete signal will come from additional company disclosures, not from headline shorthand. If Metaplanet extends the Q1 playbook that took it to 40,177 BTC, or if MARA later rebuilds after the 15,133 BTC March sale, the lower half of the corporate treasury leaderboard could shift again quickly.

For now, the verified picture is narrow but clear: Strategy remains far ahead, and Metaplanet’s latest filing is what moved it ahead of MARA in the public-company bitcoin treasury race.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. All figures cited above are based on company disclosures and treasury-tracking material linked in the article.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.