Japanese Bitcoin treasury firm Metaplanet is employing high-profile advertising tactics to counteract a slumping share price, amidst broader struggles among corporate Bitcoin holders. The company's stock has dropped 25% year-to-date, mirroring Bitcoin's 11% decline over the same period. Metaplanet currently trades at a 36% discount to its Bitcoin holdings, valuing the firm at $2 billion despite holding $3.1 billion in BTC.
The firm aims to accumulate 1% of all Bitcoin by 2027, generating revenue by selling options against its holdings. To fund additional Bitcoin purchases, Metaplanet issues new shares, a strategy that becomes costlier as its share price falls. In December, it acquired $451 million worth of Bitcoin using a mix of share sales and loans.
However, Metaplanet is not alone in facing headwinds. Many of the nearly 200 firms that adopted Bitcoin treasury strategies are now underwater after Bitcoin retreated from its $126,000 all-time high. GD Culture Group approved the sale of $503 million in Bitcoin to repurchase its own shares, a move that will result in an estimated $300 million loss. Another treasury, Nakamoto, pursued a reverse stock split after a 99% share price collapse. Former Goldman Sachs analyst Dom Kwok noted the sector is unwinding due to lackluster investor demand.
Metaplanet's advertising efforts include sponsoring high-tier conferences, a Las Vegas Sphere appearance (costing up to $650,000 per week), and a shareholder meeting featuring branded merchandise and a live calligraphy performance. The firm also hosted a Bitcoin conference in Japan and was the title sponsor of Bitcoin Asia 2025. Critics on X questioned the spending, arguing that even one satoshi of Bitcoin could have been bought instead. Despite the promotional push, Metaplanet reported a $605 million net loss for 2025, largely due to the declining value of its Bitcoin holdings. The company's 2026 guidance earmarked $29 million for selling, general, and administrative expenses, which includes marketing, against $58 million in 2025 revenue.
