MetaPlanet, which made a spectacular debut by displaying a giant advertisement on the Sphere in Las Vegas during the Bitcoin 2026 conference, has rapidly grown as Asia's largest Bitcoin financial company, but is now facing unexpected challenges amid a bearish market.

The current situation of MetaPlanet is complex. On one hand, it has grown into the third-largest Bitcoin holding company in the world, owning 40,177 BTC. Its average acquisition cost is about $104,106 per BTC, and even in the bear market, it continues to buy more on the dip, adding 5,075 BTC in the first quarter of 2026 alone. Its financial results for fiscal 2025 also look solid, reaching 8.9 billion yen, a 738.3% increase year-over-year.

However, the other reality is harsh. The Bitcoin reserves are suffering an unrealized loss of approximately $490 million, and the stock price has fallen more than 22% since the beginning of the year, and 83.5% from its peak last year. Its current market capitalization has dropped to about $2.8 billion, significantly below the value of its Bitcoin holdings. This suggests that the market is skeptical of MetaPlanet’s management strategy.

Additionally, Japan Exchange Group is proposing to exclude companies holding more than 50% of their total assets in cryptocurrencies from major indices like TOPIX, which could result in losing passive fund inflow opportunities.

What MetaPlanet should focus on is not just increasing Bitcoin holdings but diversifying its development. The company is investing in subsidiaries for Bitcoin financial infrastructure, offering consumer rewards through the MetaPlanet Card, and actively pursuing branding strategies to build a solid foundation. The three-layer revenue engine concept is also intriguing: long-term reserves of 35,102 BTC, financing capacity as collateral, and cash flow generation through options strategies. Theoretically, these aim to establish a sustainable growth model.

However, investors are divided. There are doubts about the effectiveness of the approximately $29 million planned for advertising and events in 2026. Some criticize that the company might be wasting funds that should be used to increase Bitcoin holdings.

In the long run, MetaPlanet’s true challenge begins here. Merely increasing Bitcoin holdings has its limits on corporate value. A sustainable revenue model, mature capital management capabilities, and stronger market recognition are necessary. Bitcoin strategy is just the starting point; the real challenge lies in how to build a sustainable growth company centered around Bitcoin. It is worth watching how MetaPlanet responds to these trials in a bearish market.