Author: Tim Craig

Translated by: Deep Tide TechFlow

Deep Tide Introduction: As Bitcoin treasuries rush to clear their stocks for self-rescue, Metaplanet has thrown money at the Las Vegas Sphere, a Japanese dance troupe, and high-end conference sponsorships. Shareholders are angry: why not buy more Bitcoin instead of marketing? Behind this controversy is the survival dilemma of the entire Bitcoin treasury model in a bear market.

High-end conference sponsorships, performances by award-winning Japanese dance troupes, and recent advertising appearances at the Las Vegas Sphere.

These are just part of the marketing strategies used by the Japanese Bitcoin treasury company Metaplanet to rescue its declining stock price.

Since the beginning of the year, Metaplanet's stock price has dropped by about 25%, affected by the 11% decline in Bitcoin during the same period.

For a crypto treasury company that claims to hold 1% of the global Bitcoin supply by 2027, advertising is crucial.

The company generates revenue by selling options on its existing Bitcoin holdings. The more Bitcoins held, the more options can be sold, leading to higher revenues.

Metaplanet funds its additional Bitcoin purchases by issuing and selling stock. In December of last year, the company purchased approximately $451 million in Bitcoin through a combination of issuing stock and mortgaging its existing Bitcoin holdings.

If the company's stock price drops, it cannot purchase as much Bitcoin, thus threatening its growth.

The Retreat of Bitcoin Treasuries

As Metaplanet's advertising strategy rolls out, Bitcoin treasuries are facing increasing pressure.

Among nearly 200 companies using Bitcoin purchase models, many are now in trouble as the leading cryptocurrency has fallen from its historic high of $126,000, causing dozens of corporate buyers to be underwater.

In February, the Bitcoin treasury company GD Culture Group (which has since shifted to artificial intelligence) approved the sale of $503 million worth of Bitcoin to repurchase its own stock. This move will result in a loss of approximately $300 million for the company.

At the beginning of April, the Bitcoin treasury Nakamoto sought a reverse stock split after its stock price plummeted by 99%, threatening its position on the Nasdaq exchange.

"Due to weak demand from investors for the stocks of Bitcoin and altcoin treasury companies, the Bitcoin treasury sector is collapsing," former Goldman Sachs analyst and co-founder of developer app EasyA Dom Kwok told DL News previously.

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

However, the company is also underwater. According to data from Bitcointreasuries.net, its Bitcoin reserve shows an approximate 20% book loss.

Big Spending

But this hasn't stopped Metaplanet from spending lavishly on advertising.

At the company's annual shareholders' meeting held on March 25 at Pia Arena MM near Tokyo, attendees received gift bags filled with branded merchandise and watched a live music calligraphy performance titled "Beni No Sho."

Metaplanet linked this event with its Japan Bitcoin Future Forum, a half-day conference organized by the treasury company to promote Bitcoin in Japan.

Then, on April 26, Metaplanet's advertisements appeared on the Las Vegas Sphere, a massive 580,000-square-foot external display that has previously hosted promotions for Google, Pepsi, and the F1 Las Vegas Grand Prix.

Reportedly, the entertainment venue charged $650,000 for a week of advertising on the Sphere, with a daily rate of $450,000, though these prices may vary depending on the time of year.

Metaplanet was also a senior sponsor of the Bitcoin for Corporations conference held in Las Vegas on April 27. CEO Simon Gerovich has confirmed he will speak at the event.

The company is also the title sponsor of Bitcoin Asia 2025, the world's second-largest Bitcoin event taking place in Hong Kong in August.

"Shouldn't we buy more Bitcoin?"

Metaplanet's high-profile advertising has infuriated some supporters.

Shortly before the company’s shareholders' meeting, Gerovich announced that the event would include a performance by the award-winning Japanese dance troupe Avantgardey.

Supporters of Metaplanet criticized this move on X, arguing that it was a waste of money that did not benefit shareholders.

"Shouldn't the money for inviting Avantgardey be used to buy more Bitcoin, even if just one satoshi?" one supporter said.

It remains unclear whether Avantgardey ultimately performed at Metaplanet's annual shareholders' meeting. The event schedule on the Metaplanet website did not mention this performance.

Metaplanet did not immediately respond to a request for comment.

However, despite the criticism, the company's total advertising spending may be small relative to its overall revenue.

In Metaplanet's 2026 guidance, the company indicated it plans to spend about $29 million on sales, general, and administrative expenses, which includes funds for marketing, advertising, compensation, and events.

For the entire year of 2025, the company reported revenues of approximately $58 million.

However, this has little effect on Metaplanet's total losses of $605 million last year, driven by the decline in the value of its Bitcoin holdings.