Metaplanet Pays $450,000 for Vegas Sphere Ad as Stock Lags Bitcoin
Metaplanet's stock has fallen 25% this year while Bitcoin dropped just 11%, leaving shareholders frustrated with lavish spending that doesn't boost share price.
Key Takeaway
Metaplanet's 36% discount to its Bitcoin holdings signals investors don't trust the treasury model.
Metaplanet CEO Simon Gerovich confirmed the company advertised on the Las Vegas Sphere on April 26, just one day before speaking at the Bitcoin for Corporations conference in the city. The 580,000 square foot exterior display costs $650,000 per week or $450,000 for a single day.
The flashy marketing push comes as Metaplanet's stock trails its Bitcoin holdings by a widening margin. The firm's share price values it at ₱121.48 billion ($2 billion) despite holding ₱188.3 billion ($3.1 billion) worth of Bitcoin — a 36% discount.
Metaplanet shareholders have pushed back on lavish spending that doesn't directly benefit the stock price. When the company announced it would feature Avantgardey, an award-winning Japanese dance troupe, at its March 25 shareholder meeting at Pia Arena MM outside Tokyo, one supporter posted on X: "Shouldn't we buy more Bitcoin, even if it's just by one satoshi, with the money spent on inviting Avantgardey?" Multiple supporters criticized the performance as a waste of shareholder money.
The company aims to hold 1% of the world's Bitcoin supply. It has racked up a ₱36.75 billion ($605 million) total loss in 2025 against just ₱3.52 billion ($58 million) in full-year revenues. Its planned spending and general administrative expenses for 2026 total ₱1.76 billion ($29 million).
Former Goldman Sachs analyst and EasyA co-founder Dom Kwok said the Bitcoin treasury space is unwinding due to lacklustre demand from investors for shares in Bitcoin and altcoin treasury companies. Other treasury firms have struggled too — GD Culture Group approved a ₱30.55 billion ($503 million) Bitcoin sale in February to fund a $300 million share buyback before pivoting to AI, while Nakamoto sought a reverse stock split in early April after a 99% drop in share price threatened its Nasdaq listing.
Metaplanet trails only Strategy, led by Michael Saylor, and Twenty One Capital, led by Jack Mallers, as the third-largest corporate Bitcoin holder according to Bitcointreasuries.net, which shows Metaplanet down 20% on its Bitcoin hoard as of April 2026.
This article was written based on reporting from Dlnews.
