Floating loss of nearly $500 million, stock price plunges by 80%: "Asia's MicroStrategy" Metaplanet faces a bear market test

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Author: Nancy, PANews At the recently concluded Bitcoin 2026 conference, despite sparse attendance at some sessions, the venue featuring Michael Saylor was packed, with an electric atmosphere. Such drawing power is no surprise; the Strategy steered by Saylor is the world’s largest Bitcoin "hoarder," defying the bear market to increase holdings and repeatedly injecting confidence into the market. Another DAT company from Asia, Metaplanet, was also a focal point of the conference. Before the opening, it made a strong impression with advertisements in Las Vegas. Since launching its Bitcoin strategy in April 2024, this Japanese public company has been navigating its first bear market cycle. Beyond eye-catching marketing, Metaplanet has been aggressively accumulating during the market downturn, ranking among the top global corporate Bitcoin reserve holders. Bucking the trend to rank in the global top three, the DAT experiment faces a bear market test. Metaplanet has grown into the largest Bitcoin treasury company in Asia and the third-largest corporate Bitcoin holder globally. Even in the depths of this crypto market cycle, Metaplanet has chosen to increase its positions. In the first quarter of 2026 alone, Metaplanet purchased 5,075 BTC at an average price of approximately $79,898, with a total investment of about $405 million. To date, Metaplanet holds a cumulative 40,177 BTC, with a total cost of approximately $4.18 billion and an average cost per BTC of about $104,106. This scale is equivalent to holding about 85% of the total Bitcoin publicly held by Japanese listed companies. Just last week, Metaplanet issued another 8 billion JPY in zero-coupon ordinary bonds, explicitly stating that all proceeds would be used to increase its Bitcoin holdings. The company’s long-term goals are highly ambitious: it plans to hold 100,000 BTC by the end of 2026 and further increase this to 210,000 BTC by the end of 2027, equivalent to 1% of the total global Bitcoin supply. To ensure the sustainability of this treasury strategy, Metaplanet is attempting to upgrade Bitcoin from a single reserve asset into a sustainable capital tool, building a three-tier revenue engine around it. The first tier is the long-term strategic reserve, which drives net asset growth through appreciation. Currently, about 35,102 BTC held by Metaplanet are designated as permanent core reserves, which in principle will not be sold regardless of market volatility. The second tier is dynamic collateralization, leveraging Bitcoin reserves to enhance financing capacity. Metaplanet uses Bitcoin as collateral to obtain low-cost financing, which is then used for further Bitcoin accumulation, business expansion, or stock buybacks. This structure has already supported and repaid over $1 billion in debt and credit. The third tier is cash flow yield. Metaplanet employs derivative strategies, such as selling options, to generate stable cash flow without selling its Bitcoin, covering operating costs and enhancing financial flexibility. With these strategies, Metaplanet’s business has improved significantly. In fiscal year 2025, Metaplanet’s revenue climbed to 8.9 billion JPY, a year-on-year increase of 738.3%; operating profit reached 6.287 billion JPY, up 1,694.5% year-on-year. However, the survival pressure brought by the bear market is severe. Data from Bitcointreasuries.net shows that as of April 29, Metaplanet’s Bitcoin reserve had a book loss of approximately $490 million. Meanwhile, its stock price continues to weaken, with a cumulative decline of over 22.2% year-to-date and a pullback of more than 83.5% from last year’s historical high. Currently, Metaplanet’s market capitalization has dropped to about $2.8 billion, far below the value of its Bitcoin holdings. Currently, this DAT company also faces new index rule variables. Recently, the Japan Exchange Group (JPX) launched a public consultation, proposing to temporarily exclude companies with crypto assets accounting for more than 50% of total assets from major indices like TOPIX. Metaplanet was originally scheduled to be included during the index reconstruction in October 2026; if the rule is implemented, it may lose opportunities for passive capital allocation, further suppressing its stock price performance. In response, Metaplanet stated it would actively participate in public discourse and called for support from the global community at the Bitcoin 2026 conference. In a petition launched on the Bitcoin for Corporations official website, the company opposes the exclusion plan, with the public consultation period

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