Japanese Bitcoin treasury firm Metaplanet is deploying an aggressive advertising campaign to prop up its ailing share price, even as its Bitcoin holdings fall in value and the broader Bitcoin treasury space faces significant headwinds. The company's stock has dropped roughly 25% since the start of the year, mirroring Bitcoin's 11% decline over the same period, and the firm now trades at a steep 36% discount to the value of its Bitcoin holdings. While Metaplanet holds approximately $3.1 billion worth of Bitcoin, its market capitalization is just $2 billion.
The company's strategy relies on holding vast amounts of Bitcoin to generate revenue through options selling. To fund further Bitcoin purchases, Metaplanet issues and sells shares. This model creates a crucial dependency case: a falling share price limits its ability to acquire more Bitcoin, thus threatening the firm's stated goal of holding 1% of the world's Bitcoin supply by 2027. In December, the firm bought roughly $451 million in Bitcoin funded through a mix of share sales and loans secured against its existing Bitcoin holdings.
Metaplanet's current situation is emblematic of a broader struggle among corporate Bitcoin treasuries. With Bitcoin retreating from its all-time high of $126,000, nearly 200 firms that adopted the model are underwater. Industry examples include GD Culture Group, which approved the sale of $503 million worth of Bitcoin to repurchase its own shares, and Nakamoto, which sought a reverse stock split after its share price fell 99%. Dom Kwok, a former Goldman Sachs analyst, noted that the Bitcoin treasury space is "unwinding due to lacklustre demand from investors."
Despite being the third-largest corporate Bitcoin holder in the world—behind Strategy and Twenty One Capital—Metaplanet is down approximately 20% on its Bitcoin purchases. Nonetheless, the firm has not cut back on spending. Recent activities include a lavish annual shareholder meeting at the Pia Arena MM outside Tokyo, complete with branded merchandise and a calligraphy performance, combined with the Japan Bitcoin Future Forum conference. On April 26, Metaplanet advertised on the Las Vegas Sphere, a massive display that reportedly costs up to $650,000 for a week-long promotion. The company is also a high-tier sponsor of the upcoming Bitcoin for Corporations conference in Las Vegas, where CEO Simon Gerovich is scheduled to speak.
This expenditure, however, has angered some supporters who argue the money could have been used to buy more Bitcoin. A shareholder questioned, "Shouldn't we buy more Bitcoin, even if it's just by one satoshi, with the money spent on inviting Avantgardey?" The reference was to an award-winning Japanese dance troupe that was initially announced for the AGM, though it is unclear if they ultimately performed. Metaplanet's 2026 guidance allocated approximately $29 million for Selling, General & Administrative expenses, which includes marketing and events. While this is a significant amount, it pales in comparison to the company's total loss of $605 million in 2025, which was primarily driven by the decrease in value of its Bitcoin holdings.
In other corporate Bitcoin news, publicly traded Strive Inc. announced the purchase of an additional 789 Bitcoin for its treasury, valued at roughly $61.45 million. The average purchase price was $77,890 per Bitcoin, a sum that is now above the current market price of $76,716. This brings Strive's total Bitcoin holdings to 14,557 BTC, worth approximately $1.1 billion. The company's subsidiary, True North, will host a "Bitcoin for Business" summit in Oregon on May 21, aimed at educating CFOs and business leaders on corporate Bitcoin adoption. Strive manages over $2.7 billion in assets and has continued its aggressive treasury diversification strategy even as its stock (ASST) trades significantly lower than six months ago.
