Author: Nancy, PANews

At the recently concluded Bitcoin 2026 conference, although some sessions had few attendees, the venue where Michael Saylor spoke was filled to capacity, creating a lively atmosphere. This level of attraction is not surprising, as the strategy that Saylor leads is the world's largest Bitcoin reserve, particularly noted for increasing its holdings against the trend during the bear market, repeatedly injecting confidence into the market.

Another focal point at the conference was the Asian company DAT, Metaplanet. Before the opening, it had launched advertisements in Las Vegas, making a strong appearance. Since launching its Bitcoin strategy in April 2024, this Japanese listed company has been experiencing its first bear market cycle. In addition to eye-catching marketing, Metaplanet has also been making significant purchases during this market downturn, positioning itself among the top global Bitcoin reserve companies.

Increasing Holdings Against the Trend to Rank Among the Top Three Globally, DAT Experiment is Facing a Bear Market Test

Metaplanet has grown to become Asia's largest Bitcoin treasury company and is now the third-largest enterprise-level Bitcoin holder globally. Even during this current dip in the crypto market, Metaplanet has chosen to increase its holdings against the trend.

In just the first quarter of 2026, Metaplanet purchased 5,075 Bitcoins at an average price of approximately $79,898, with a total investment of about $405 million. As of now, Metaplanet has a total of 40,177 Bitcoins, with a total cost of around $4.18 billion, averaging about $104,106 per Bitcoin. This scale is equivalent to holding approximately 85% of the total publicly listed Bitcoin held by Japanese companies.

Just last week, Metaplanet issued 8 billion yen in zero-interest regular bonds and clearly stated that all funds raised would be used to increase Bitcoin holdings. The company's long-term goals are also ambitious, planning to hold 100,000 Bitcoins by the end of 2026 and further increase it to 210,000 by the end of 2027, which would account for 1% of the global Bitcoin supply.

To ensure the sustainability of this treasury strategy, Metaplanet is trying to upgrade Bitcoin from a single reserve asset to a capital tool capable of sustainable operation, and is building a three-tier revenue engine around it.

The first layer is a long-term strategic reserve that generates net asset growth through appreciation. Currently, Metaplanet has approximately 35,102 Bitcoins classified as permanent core reserves, which will not be sold in principle over the long term, regardless of market fluctuations.

The second layer is dynamic collateral, using Bitcoin reserves to enhance financing capabilities. Metaplanet uses Bitcoin as collateral to obtain low-cost financing, which is then used to increase Bitcoin holdings, expand business, or repurchase shares. Currently, this structure has supported and repaid over $1 billion in debts and credit;

The third layer is cash flow revenue. Metaplanet generates stable cash flow through derivative strategies such as selling options, without selling Bitcoin, to cover operational costs and enhance financial flexibility.

With these strategies, Metaplanet's business has significantly improved. In the fiscal year 2025, Metaplanet's revenue soared to 8.9 billion yen, a year-over-year increase of 738.3%; operating profit reached 6.287 billion yen, a year-over-year increase of 1694.5%.

However, the survival pressure brought about by the bear market is also very severe. According to Bitcointreasuries.net, as of April 29, Metaplanet's Bitcoin reserve has reported a paper loss of approximately $490 million. Meanwhile, its stock price has continued to weaken, with a cumulative decline of over 22.2% this year, retreating more than 83.5% from its historical high last year. Currently, Metaplanet's market value has dropped to about $2.8 billion, far below its Bitcoin holding value.

At present, this DAT company also faces new uncertainties regarding index rules. Recently, the Japan Exchange Group (JPX) started a public consultation and plans to temporarily exclude companies with over 50% of their total assets in crypto assets from being included in major indices such as TOPIX. Metaplanet originally planned to be included during the index restructuring in October 2026; if the rules are implemented, it may lose the opportunity for passive fund allocation, further suppressing stock performance.

In response, Metaplanet stated it would actively participate in public discourse and call on the global community for support at the Bitcoin 2026 conference. A joint letter initiated on the Bitcoin for Corporations website opposes the exclusion plan, with an open consultation period ending on May 7.

Not Just Hoarding Coins, Multi-Line Layout to Seek New Growth

In the current bear market environment, many crypto DAT companies that rely on a capital flywheel for survival are beginning to lose momentum, with financing windows narrowing, stock prices retracting, and valuations under pressure. Some companies have been forced to sell coins to save themselves, even turning to other businesses to find a way out.

In contrast, Metaplanet has not contracted its frontlines. In addition to continuing to increase Bitcoin holdings, Metaplanet is investing more resources into infrastructure, products, and brand building.

In terms of ecosystems, in March of this year, Metaplanet announced the establishment of two wholly-owned subsidiaries. Among them, Metaplanet Ventures plans to invest 4 billion yen over the next few years in domestic Bitcoin financial infrastructure companies in Japan, covering sectors such as lending, payments, custody, stablecoins, derivatives, and compliance, while also launching an incubation program for entrepreneurs and grant projects aimed at open-source developers, educators, and researchers. Its first investment target is JPYC, the issuer of the yen stablecoin, with a previously disclosed potential investment scale of up to 400 million yen.

Another US subsidiary, Metaplanet Asset Management Inc., will be located in Miami, positioning itself as a digital credit and Bitcoin capital market platform connecting Asian and Western markets, with plans to launch businesses such as returns, equity, credit, and volatility strategies.

In terms of products, Metaplanet plans to launch the MetaPlanet Card this summer. Shareholders using the card for purchases can receive a Bitcoin rebate equivalent to 1.6% of the spending amount. For Metaplanet, this design not only increases shareholder stickiness but also attempts to extend Bitcoin from a reserve asset to a payment scenario.

In terms of branding, Metaplanet is investing in marketing to try to gain recognition during the bear market. For example, it held its annual shareholders' meeting at the Pia Arena MM in Yokohama, Japan; placed advertisements on the iconic Sphere giant dome in Las Vegas, with a daily cost of about $450,000; and participated as a sponsor in industry conferences such as Bitcoin Asia 2025 and Bitcoin 2026.

Metaplanet estimates that in 2026, sales, administrative, and management expenses will reach approximately $29 million, mainly for advertising, marketing expenses, and salaries, amounting to half of its total revenue of $58 million in 2025.

Such a large investment also has sparked dissatisfaction among some investors. They believe Metaplanet's spending on advertising and events is too aggressive, consuming funds that could have been used for increasing Bitcoin holdings, and providing limited assistance in enhancing shareholder value. Rather than spending money on branding, they suggest converting more cash directly into Bitcoin.

However, from a long-term development perspective, solely relying on continuous buying of Bitcoin ultimately presents a ceiling for Metaplanet as a single DAT company. What it requires is not just the number of Bitcoins on the balance sheet, but also a sustainable profit model, mature capital operation capabilities, and stronger market recognition.

To some extent, buying Bitcoin is just the starting point of Metaplanet's transformation story. How to build a sustainably growing company around Bitcoin is the next stage it is genuinely betting on.

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