Metaplanet, a leading Japanese Bitcoin treasury company, is navigating its first bear market with significant challenges. The company has reported a paper loss of approximately $490 million on its Bitcoin reserves, as its stock price has plummeted over 83.5% from last year's peak. Despite these setbacks, Metaplanet continues to expand its Bitcoin holdings, purchasing 5,075 bitcoins in Q1 2026 at an average price of $79,898, bringing its total to 40,177 bitcoins. Amidst the downturn, Metaplanet is also facing potential exclusion from major indices like TOPIX due to new index composition rules proposed by the Japan Exchange Group. These rules could exclude companies with cryptocurrency assets exceeding 50% of total assets. In response, Metaplanet is actively engaging in public advocacy to oppose this proposal. Meanwhile, the company is diversifying its strategy by investing in Bitcoin financial infrastructure and launching new products, such as the MetaPlanet Card, to enhance shareholder engagement and expand Bitcoin's use cases.