Bitcoin treasury firm Metaplanet is making a significant push into advertising as a strategy to bolster its declining share price, which has plummeted 25% this year. The firm’s efforts include high-profile conference sponsorships, collaborations with an award-winning Japanese dance troupe, and a recent campaign featuring its advertisement on the extravagant Las Vegas Sphere.
Despite holding approximately $3.1 billion worth of Bitcoin, Metaplanet’s share price currently reflects a $2 billion valuation, marking a 36% discount to its Bitcoin assets. This situation is exacerbated by Bitcoin’s own decline of 11% since the beginning of the year. To meet its ambitious target of possessing 1% of the world’s Bitcoin supply by 2027, the firm’s advertising initiatives are seen as vital. The revenue generated from selling options against its Bitcoin holdings is contingent on the firm’s ability to maintain and expand its Bitcoin inventory.
Metaplanet is heavily reliant on revenue from these options to fund additional Bitcoin purchases, typically financed by issuing and selling shares. In December, the firm invested $451 million into Bitcoin, financed through a combination of share issuance and loans. Should its share price continue to decline, Metaplanet faces challenges in acquiring more Bitcoin, jeopardizing its growth strategy.
The advertising strategy comes at a time when Bitcoin treasuries in general are experiencing a turbulent phase. Many of the nearly 200 firms engaged in the Bitcoin buying model are struggling as the cryptocurrency has significantly retreated from its previous all-time high of $126,000, leaving several companies with substantial losses. A notable instance includes GD Culture Group, which recently sold $503 million in Bitcoin to repurchase shares, incurring an estimated loss of $300 million. Similarly, another firm, Nakamoto, contemplated a reverse stock split due to a staggering 99% drop in its share price.
Although Metaplanet is currently the third-largest corporate holder of Bitcoin globally, behind Michael Saylor’s Strategy and Jack Mallers’ Twenty One Capital, it too has seen its Bitcoin holdings depreciate. Data indicates that the firm is approximately 20% underwater on its Bitcoin investments, further intensifying pressure on its stock performance.
In an attempt to elevate its profile, Metaplanet hosted its annual shareholder meeting on March 25, held at the Pia Arena MM near Tokyo. Attendees received branded merchandise, snacks, and enjoyed live performances, including a music calligraphy act. This event coincided with the Japan Bitcoin Future Forum, aimed at promoting Bitcoin within the country. On April 26, the firm debuted its advertising on the Las Vegas Sphere, a massive display which has hosted promotional content from major brands, with significant advertising costs reaching as high as $650,000 for a week.
The company is also a prominent sponsor of the Bitcoin for Corporations conference in Las Vegas and was the title sponsor of Bitcoin Asia 2025, one of the largest Bitcoin events globally, which took place in Hong Kong.
Despite these high-profile expenditures, the firm has faced backlash from some supporters who question the allocation of funds on advertising, suggesting that the money spent on event performances might be better invested in acquiring more Bitcoin. Comments on social media reflected these sentiments, with critics arguing that the funds could be better used to expand the Bitcoin holdings, even if in small amounts.
While Metaplanet’s promotional efforts have stirred debate among its shareholders, it has indicated that its total advertising expenditure is relatively minor when compared to overall revenues, which for 2025 reported around $58 million against a total loss of $605 million last year, driven largely by the depreciation of Bitcoin assets.
