The harsh reality facing MetaPlanet. A Japanese company that built a top 3 global position by holding Bitcoin, but is now being swept away by a bearish market wave.

At last week's Bitcoin 2026 Conference, Michael Saylor drew overwhelming popularity, while MetaPlanet also made its presence known with spectacular marketing. Since launching its Bitcoin strategy in April 2024, the company has continued to buy against the trend during the market downturn, currently holding 40,177 BTC. The total acquisition cost is approximately $4.18 billion, with an average purchase price of about $104,106 per BTC.

It also has ambitious goals. Planning to hold 100k BTC by the end of 2026 and 210k BTC (equivalent to 1% of the global supply) by the end of 2027. Last week, it issued 8 billion yen of zero-interest ordinary bonds, announcing that the entire amount would be used to purchase Bitcoin.

However, the reality is tough. As of April 29, MetaPlanet’s Bitcoin reserves are suffering an unrealized loss of about $80M. Moreover, its stock price has plummeted 83.5% from last year's peak. Its current market capitalization has fallen to around $2.8 billion, even below the value of its Bitcoin holdings. The decline in MetaPlanet’s stock price reflects how the market is evaluating the company's strategy.

MetaPlanet is trying to build a three-layer revenue engine. Aiming for sustainable growth through long-term reserves, dynamic collateral, and cash flow strategies. In fact, its sales for fiscal 2025 increased by 738.3% year-over-year, and operating profit surged by 1,694.5%, indicating strong performance.

But new challenges are approaching. The Japan Exchange Group has proposed excluding companies holding more than 50% of their total assets in cryptocurrencies from major indices like TOPIX. MetaPlanet was initially scheduled to be included in the index rebalancing in October 2026, but if this rule is implemented, it could lose opportunities for passive fund inflows.

In response to the sluggish stock price, MetaPlanet is trying to shift away from merely accumulating coins. It is expanding into diversified business areas such as investing in Bitcoin financial infrastructure, issuing MetaPlanet cards, and large-scale advertising campaigns with Sphere Dome. Its sales, general, and administrative expenses are projected to reach about $29 million in 2026.

Such brand investments have also faced criticism. Some investors argue that funds spent on advertising should be redirected to Bitcoin purchases. Indeed, relying solely on Bitcoin acquisitions limits the value as a mere DAT company. What is needed are sustainable revenue models and market recognition, not just numbers on the balance sheet. Currently, Bitcoin prices are around $81,000, and it is worth monitoring how future price fluctuations will impact MetaPlanet’s strategy.