The scene at the Bitcoin 2026 Conference is symbolic. Michael Saylor’s booth was packed, but MetaPlanet was also drawing attention. This Japanese publicly listed company has captured market focus not only with flashy advertising campaigns in Las Vegas, but also by adopting a contrarian approach to buy more Bitcoin even during a bear market.

It’s quite interesting to watch how MetaPlanet stock is moving. With its current holding of 40,177 BTC, the company has grown into the world’s No. 3 and Asia’s largest Bitcoin financial firm. In just the first quarter of 2026, it bought 5,075 BTC at an average of about $79,898, bringing its total investment to roughly $405 million. Its long-term goals are also ambitious: it aims for 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027 (equivalent to 1% of the world’s total supply).

What stands out is that it is trying to build not just incremental buying, but a three-stage revenue engine. It permanently holds about 35,102 BTC as core reserves, and achieves more than $1 billion in debt repayment through low-cost financing backed by Bitcoin. It further creates a stable cash flow mechanism through derivative strategies. As a result, in fiscal year 2025, revenue rose 738.3% year over year to 8.9 billion yen, and operating profit increased by 1,694.5%.

However, the current situation is tough. It has an unrealized loss of about $490 million from its BTC holdings, and MetaPlanet stock is down more than 22% year to date, and a staggering 83.5% from its peak. Its market capitalization has fallen to around $2.8 billion—well below the value of its held BTC.

In addition, new challenges have emerged. The Japan Exchange Group has put forward a proposal to exclude companies that hold more than 50% of their total assets in crypto assets from major indices. The index reshuffling that was expected to include MetaPlanet could be affected, creating a risk that passive fund inflows slow down.

What’s interesting is that, despite these headwinds, the company has not been shrinking its business scale. Through establishing subsidiaries, it has invested 4 billion yen in Bitcoin financial infrastructure, provides 1.6% BTC cashback with the MetaPlanet card, and builds a digital credit market through its Miami subsidiary. It is also actively pursuing brand strategy, running advertising that costs about $450,000 per day at the Sphere dome.

Spending on selling, general, and administrative expenses in 2026 is expected to reach about $29 million, which is half of its total revenue of $58 million. Some investors have criticized it, saying “funds should be redirected to buying more Bitcoin.”

However, in the long run, there’s a limit to simply accumulating coins. For MetaPlanet stock to demonstrate true value, it needs a sustainable revenue model, mature capital management, and market recognition. Buying Bitcoin is only the starting point. The real contest lies in how to build a sustainable, growth-oriented company around it.