Bitcoin treasury Metaplanet bets on splashy advertising to turn around its ailing share price

High-tier conference sponsorships, an award-winning Japanese dance troupe, and most recently an appearance on the imposing Las Vegas Sphere.

These are just some of the things that Japanese Bitcoin treasury firm Metaplanet has aimed its cash cannon at as it attempts to prop up its ailing share price.

Metaplanet’s stock has fallen some 25% since the start of the year, dragged down by Bitcoin’s 11% drop over the same period.

The firm is also trading at a 36% discount to the value of its Bitcoin holdings. In other words, Metaplanet’s share price values the firm at just $2 billion, despite it holding some $3.1 billion worth of Bitcoin.

For a crypto treasury whose stated goal is to hold 1% of the world’s Bitcoin supply by 2027, advertising is crucially important.

The firm generates revenue by selling options against its existing Bitcoin holdings. The more Bitcoin it holds the more options it can sell, increasing revenues.

Metaplanet funds additional Bitcoin purchases by issuing and selling shares. In December, it bought some $451 million Bitcoin funded through a mixture of issuing and selling shares and taking out loans against its existing Bitcoin holdings.

If the firm’s share price falls, it can’t buy as much Bitcoin, threatening its growth.

Unwinding Bitcoin

Metaplanet’s advertising gambit comes as Bitcoin treasuries face increasing pressure.

Many of the nearly 200 firms to adopt the Bitcoin buying model are flailing now that the top cryptocurrency has retreated from its $126,000 all-time high, leaving dozens of corporate buyers underwater.

In February, Bitcoin treasury firm GD Culture Group, which has since pivoted to artificial intelligence, approved the sale of $503 million worth of Bitcoin to buy back its own shares. The move will cost the firm some $300 million.

At the start of April, Bitcoin treasury Nakamoto sought a reverse stock split after a 99% drop in its share price threatened its position on the Nasdaq exchange.

“The Bitcoin treasury space is unwinding due to lacklustre demand from investors for shares in Bitcoin and altcoin treasury companies,” Dom Kwok, former Goldman Sachs analyst and co-founder of developer app EasyA, previously told DL News.

Metaplanet is the third-biggest corporate Bitcoin holder in the world after Michael Saylor’s Strategy and Jack Mallers’ Twenty One Capital.

Yet the firm, too, is underwater. It is down some 20% on its Bitcoin horde, according to data from Bitcointreasuries.net.

Splashing out

But that hasn’t stopped Metaplanet from splashing out on advertising.

The firm’s annual shareholder meeting, held at the Pia Arena MM just outside of Tokyo on March 25, saw attendees lavished with goody bags containing branded merchandise, and treated to a live set-to-music calligraphy performance called “Beni No Sho.”

Metaplanet combined the event with its Japan Bitcoin Future Forum, a half-day conference organised by the treasury firm designed to promote Bitcoin in Japan.

Then on April 26, Metaplanet’s advertising appeared on the Las Vegas Sphere, a colossal 580,000 square foot exterior display that has previously attracted promotions from Google, Pepsi, and the F1 Las Vegas Grand Prix.

The entertainment venue reportedly charges $650,000 to advertise on the sphere for a week or $450,000 for a single day, although these prices can change depending on the time of the year.

Metaplanet is also a high-tier sponsor of Bitcoin for Corporations, a Las Vegas conference taking place on April 27. CEO Simon Gerovich is confirmed to speak at the event.

The firm was also the title sponsor of Bitcoin Asia 2025, the second-largest Bitcoin event globally which took place in Hong Kong in August.

‘Shouldn't we buy more Bitcoin?’

Metaplanet’s glitzy advertising has angered some of its supporters.

Shortly before the firm’s shareholder meeting, Gerovich announced the event would include a performance from Avantgardey, an award-winning Japanese dance troupe.

'Shouldn't we buy more Bitcoin, even if it's just by one satoshi, with the money spent on inviting Avantgardey?'

Metaplanet supporters criticised the move on X, arguing that it was a waste of money and didn’t benefit shareholders.

“Shouldn't we buy more Bitcoin, even if it's just by one satoshi, with the money spent on inviting Avantgardey?” One supporter said.

It’s not clear if Avantgardey did ultimately perform at Metaplanet’s AGM. A schedule of the event on the Metaplanet website makes no mention of the performance.

Metaplanet did not immediately respond to a request for comment.

Yet despite the critics, the firm’s total advertising spend is likely small compared to its overall revenues.

In Metaplanet’s 2026 guidance, the firm said it planned to spend around $29 million on Selling, General & Administrative expenses, which includes money spent on marketing, advertising, salaries, and events, among other things.

For the full year of 2025, the firm reported revenues of around $58 million.

Yet that did little to impact Metaplanet’s total loss of $605 million last year, driven by a decrease in the value of its Bitcoin holdings.

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

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