The bitcoin treasury boom used to feel simple: companies buy BTC, hold it, and ride the price.
That story is over. We’ve now entered the second phase, where not every treasury model can survive the same way.
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Metaplanet: aggressive accumulation + income generation
Metaplanet continues to stack Bitcoin aggressively. In Q1 alone, it added 5,075 BTC and built an options-based income stream on top of its holdings.
This is active treasury management, not passive HODLing. The company is using derivatives to generate yield while still increasing its core position.
This model shows one path forward: combine accumulation with cash-flow generation. It gives the company breathing room during sideways or down markets.
During Q1 2026, Metaplanet acquired 5075 BTC for $405.48 million at ~$79,898 per bitcoin and has achieved BTC Yield of 2.8% YTD 2026. As of 03/31/2026, we hold 40,177 $BTC acquired for ~$4.18 billion at ~$104,106 per bitcoin. $MPJPY $MTPLF pic.twitter.com/IMxC3lwYCx
— Simon Gerovich (@gerovich) April 2, 2026
The unwind side: some companies and governments are selling
At the same time, the broader bitcoin treasury narrative is showing cracks.
Some companies and even governments have started selling or unwinding portions of their holdings.
The easy “just buy and hold” phase is giving way to more nuanced capital-structure decisions.
This divergence is healthy. It separates companies that can actually sustain long-term exposure from those that bought during the hype and now need liquidity.
What separates the durable from the fragile
The difference comes down to three things: financing flexibility (can you fund purchases without forced selling?), yield generation (can you earn income on the position?), and risk management (how do you handle volatility without panic?). Metaplanet is building all three.
Many others still rely on pure conviction and hope for a price rally.
Why this is the next selection phase
As bitcoin moves through weaker or sideways regimes, the easy money disappears.
Only well-constructed treasury strategies will keep accumulating, the rest will either sell, dilute, or disappear from the rankings.
For the average market watchers, this is the real story: bitcoin treasury is becoming a sophisticated capital-structure play.
Bottom line
The bitcoin treasury trade has entered its second, more mature phase. Aggressive buyers with smart income layers are pulling ahead, while others quietly unwind. And that’s okay.
We’ll see which companies have the structure to keep stacking through the next cycle, and which ones were just riding the first wave.
Crypto market researcher and external contributor at Kriptoworld
Wheel. Steam engine. Bitcoin.
📅 Published: April 3, 2026 • 🕓 Last updated: April 3, 2026
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