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

Japanese Bitcoin-treasury firm Metaplanet is using high-profile advertising and sponsorships to try to prop up its falling share price after a roughly 25% YTD decline, which has tracked an 11% drop in Bitcoin over the same period. The stock is trading at a roughly 36% discount to the value of its Bitcoin holdings (about $3.1bn), constraining the company’s ability to issue shares to fund further BTC purchases. Metaplanet generates revenue by selling options on its Bitcoin and has funded purchases via share issuance and loans (including a $451m buy in December). The story highlights broader stress in the corporate-Bitcoin treasury space as investor demand weakens and some treasury firms unwind positions, a dynamic that could put continued downward pressure on both treasury shares and institutional buying of Bitcoin.