Still spending on Las Vegas ads despite a $600 million loss—MetaPlanet’s shareholders can’t stay silent

By Tim Craig

Translated by TechFlow

TechFlow Insight: While other Bitcoin treasuries scramble to sell off holdings to stay afloat, Metaplanet is pouring money into Las Vegas’ Sphere, sponsoring award-winning Japanese dance troupes, and backing high-end conferences. Shareholders are furious: Why spend on marketing instead of buying even one satoshi more of Bitcoin? At the heart of this controversy lies the broader struggle for survival faced by the entire Bitcoin treasury model amid a bear market.

Premium conference sponsorships, performances by an award-winning Japanese dance troupe, and a recent advertising spot on Las Vegas’ Sphere.

These are just some of the marketing tactics Metaplanet—a Japanese Bitcoin treasury company—has deployed in an effort to shore up its weakening stock price.

Since the start of the year, Metaplanet’s share price has fallen roughly 25%, dragged down by Bitcoin’s 11% decline over the same period.

For a crypto treasury firm that claims it will hold 1% of the world’s total Bitcoin supply by 2027, advertising is critical.

The company generates revenue by selling options on its existing Bitcoin holdings. The more Bitcoin it holds, the more options it can sell—and the higher its income.

Metaplanet funds additional Bitcoin purchases through stock issuance and sales. In December last year, the company acquired approximately $451 million worth of Bitcoin via a hybrid financing strategy involving both new share issuance and loans collateralized by its existing Bitcoin holdings.

If its stock price falls further, the company will be unable to purchase as much Bitcoin—jeopardizing its growth trajectory.

The Retreat of Bitcoin Treasuries

Metaplanet’s aggressive advertising push comes as Bitcoin treasuries face mounting pressure.

Of nearly 200 companies adopting the Bitcoin purchase model, many are now struggling, as the flagship cryptocurrency has retreated from its all-time high of $126,000—leaving dozens of corporate buyers underwater.

In February, Bitcoin treasury GD Culture Group (which has since pivoted to artificial intelligence) approved the sale of $503 million worth of Bitcoin to repurchase its own shares—a move expected to cost the company around $300 million in losses.

In early April, Bitcoin treasury Nakamoto sought a reverse stock split after its share price plummeted 99%, threatening its listing status on the Nasdaq exchange.

“The Bitcoin treasury sector is unraveling due to weak investor demand for stocks of Bitcoin and altcoin treasury firms,” said Dom Kwok, former Goldman Sachs analyst and co-founder of developer application EasyA, in a prior interview with DL News.

Metaplanet ranks as the world’s third-largest corporate Bitcoin holder—behind Michael Saylor’s MicroStrategy and Jack Mallers’ Twenty One Capital.

Yet the company is also underwater: According to Bitcointreasuries.net, its Bitcoin reserves are sitting on an unrealized loss of roughly 20%.

Big-Spending Campaigns

That hasn’t stopped Metaplanet from spending lavishly on advertising.

At its annual general meeting held on March 25 at Tokyo’s suburban Pia Arena MM, attendees received branded gift bags and watched a live “music calligraphy” performance titled “Beni No Sho.”

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

Then, on April 26, Metaplanet’s advertisement appeared on Las Vegas’ Sphere—a 580,000-square-foot exterior display previously used for promotional campaigns by Google, PepsiCo, and the Formula 1 Las Vegas Grand Prix.

Reports indicate that placing an ad on the Sphere costs $650,000 for a week and $450,000 per day—though pricing may vary depending on the time of year.

Metaplanet is also a top-tier 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 conference, scheduled for August in Hong Kong.

“Shouldn’t You Just Buy More Bitcoin?”

Metaplanet’s high-profile advertising efforts have angered some supporters.

Shortly before the company’s annual general meeting, Gerovich announced the event would feature a performance by Avantgardey, an award-winning Japanese dance troupe.

Metaplanet supporters criticized the decision on X, calling it a waste of money with no benefit to shareholders.

“Shouldn’t the money spent inviting Avantgardey go toward buying more Bitcoin—even just one satoshi?” one supporter asked.

It remains unclear whether Avantgardey ultimately performed at Metaplanet’s annual general meeting. The troupe’s appearance is not listed on the event agenda posted on Metaplanet’s website.

Metaplanet did not immediately respond to a request for comment.

Still, despite the criticism, the company’s total advertising expenditure may represent only a small fraction of its overall revenue.

In its 2026 guidance, Metaplanet stated it plans to spend approximately $29 million on sales, general, and administrative expenses—including funding for marketing, advertising, compensation, and events.

For the full year 2025, the company reported revenue of roughly $58 million.

However, this has had virtually no impact on Metaplanet’s $605 million total loss for last year—a loss driven primarily by the declining value of its Bitcoin holdings.