Losing 600 million dollars and still advertising in Las Vegas, Metaplanet shareholders can't sit still anymore.

Author: Tim Craig

Translation: Deep潮 TechFlow

Deep潮 Guide: While Bitcoin treasuries are rushing to sell off assets to save themselves, Metaplanet is instead throwing money at Las Vegas Sphere, a Japanese dance troupe, and sponsorships for high-end conferences. Shareholders are furious: instead of doing marketing, why not buy more Bitcoin? Behind this controversy is the survival dilemma of the entire Bitcoin treasury model in a bear market.

High-end conference sponsorships, performances by an award-winning Japanese dance troupe, and a recent advertising debut at Las Vegas Sphere.

These are only some of the marketing tactics Japan’s Bitcoin treasury company Metaplanet has used to rescue its ailing stock price.

Since the beginning of the year, Metaplanet’s stock has fallen by about 25%, dragged down by Bitcoin’s 11% decline over the same period.

For a crypto treasury company that claims it will hold 1% of the world’s Bitcoin supply by 2027, advertising is crucial.

The company generates revenue by selling options on its existing Bitcoin holdings. The more Bitcoin it holds, the more options it can sell, and the higher its income.

Metaplanet funds additional Bitcoin purchases by issuing and selling stock. Last December, the company bought approximately $451 million worth of Bitcoin through a hybrid issuance of stock and collateralized loans using its existing Bitcoin holdings.

If the company’s stock price falls, it can’t buy as much Bitcoin, which threatens its growth.

The retreat of Bitcoin treasuries

As Metaplanet’s advertising strategy rolled out, Bitcoin treasuries were facing increasing pressure.

Among nearly 200 companies that have adopted Bitcoin purchase models, many are now in trouble, because this top cryptocurrency has pulled back from its all-time high of $126,000, leaving dozens of corporate buyers underwater.

In February this year, Bitcoin treasury company GD Culture Group (which has since shifted to AI) approved selling $503 million worth of Bitcoin to buy back its own shares. The move would cause the company to lose about $300 million.

In early April, Bitcoin treasury Nakamoto sought a reverse stock split after its share price plummeted 99%, threatening its listing on the Nasdaq exchange.

“Due to weak investor demand for Bitcoin and altcoin treasury company stocks, the Bitcoin treasury sector is falling apart,” Dom Kwok, a former Goldman Sachs analyst and co-founder of the developer application EasyA, previously told DL News.

Metaplanet is the world’s third-largest corporate Bitcoin holder, following Michael Saylor’s Strategy and Jack Mallers’s Twenty One Capital.

However, the company is also underwater. According to Bitcointreasuries.net, its Bitcoin reserves are roughly 20% in the red on paper.

Big-ticket spending

But that hasn’t stopped Metaplanet from splurging on advertising.

On March 25, at the company’s annual shareholders’ meeting held at Pia Arena MM on the outskirts of Tokyo, attendees received gift bags filled with branded merchandise and watched a live music calligraphy performance titled “Beni No Sho.”

Metaplanet paired the event with its Japan Bitcoin Future Forum, a half-day conference organized by the treasury company aimed at promoting Bitcoin in Japan.

Then on April 26, Metaplanet’s ads appeared on the Las Vegas Sphere—an enormous 580,000-square-foot outdoor display that previously hosted promotions for Google, Pepsi, and the F1 Las Vegas Grand Prix.

It was reported that the cost of running a week-long ad on the venue’s Sphere was $650,000, while a single day cost $450,000, though these prices may vary depending on the time of year.

Metaplanet was also a senior sponsor of the Bitcoin for Corporations conference held in Las Vegas on April 27. CEO Simon Gerovich has confirmed that he will speak at the event.

The company is also the title sponsor of Bitcoin Asia 2025, the world’s second-largest Bitcoin event, taking place in August in Hong Kong.

“Shouldn’t we buy more Bitcoin?”

Metaplanet’s high-profile ads have angered some supporters.

Just before the company’s shareholders’ meeting, Gerovich announced that the event would include a performance by the award-winning Japanese dance troupe Avantgardey.

Supporters criticized the move on X, saying it was a waste of money and of no benefit to shareholders.

“Shouldn’t we use the money to invite Avantgardey to buy more Bitcoin—even just a Satoshi?” one supporter said.

It is still unclear whether Avantgardey ultimately performed at Metaplanet’s annual shareholders’ meeting. The event schedule on Metaplanet’s website did not mention the performance.

Metaplanet did not immediately respond to a request for comment.

However, despite the criticism, the company’s total advertising spending may be relatively small compared with its overall revenue.

In its 2026 guidance, Metaplanet said it plans to spend about $29 million on sales, general and administrative expenses, including funding for marketing, advertising, compensation, and events.

For the full year of 2025, the company reported revenue of about $58 million.

However, this had almost no impact on Metaplanet’s total loss of $605 million last year, which was driven by the decline in the value of its Bitcoin holdings.