Metaplanet CEO Addresses Strategy Concerns Amid Share Price Decline
21.02.2026 - 23:30:33 | boerse-global.de
Simon Gerovich, the Chief Executive Officer of Bitcoin-focused investment firm Metaplanet, has publicly responded to criticism from anonymous sources. The company's shares currently trade approximately 85% below their all-time high reached in 2025. In a series of detailed rebuttals this week, Gerovich pushed back against allegations concerning the company's transparency and strategic direction.
Financial Results Set the Stage
The CEO's defense follows Metaplanet's fiscal year 2025 earnings release on February 16. The company reported a net loss of 95 billion yen (approximately $619 million). A significant valuation adjustment to its Bitcoin holdings, amounting to 102.2 billion yen, was the primary contributor to this loss.
Despite the bottom-line figure, operational metrics told a stronger story. Revenue surged by 738% to 8.9 billion yen, while operating profit skyrocketed 1,695% to 6.29 billion yen. The vast majority of this revenue—roughly 95%—was generated from premiums earned through Bitcoin options trading.
A Public Rebuttal on Social Media
On February 20, Gerovich engaged in a direct exchange on social media platform X with an anonymous critic who claimed to hold 50,000 Metaplanet shares. The critic had accused the firm of obscuring Bitcoin purchases, hiding derivative losses, and failing to disclose crucial loan terms.
Gerovich acknowledged that September 2025 represented a local peak for the company but firmly rejected the core accusations. He detailed four Bitcoin acquisitions made that month: 1,009 BTC on September 1, 136 BTC on September 8, 5,419 BTC on September 22, and 5,268 BTC on September 30. Each transaction, he stated, was disclosed promptly.
Regarding transparency, the CEO pointed to publicly accessible Bitcoin wallet addresses and a live dashboard provided for shareholders. On the topic of financing, he confirmed the company had issued three timely notifications covering credit lines, amounts, collateral, and conditions. The lender's identity and exact interest rate remain confidential at the counterparty's request.
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Scrutiny Over Options Strategy
The most contentious aspect of Metaplanet's approach is its strategy of selling put options on Bitcoin. Critics have labeled this a failed directional bet. Gerovich countered this characterization, explaining that the objective is to monetize market volatility and reduce effective acquisition costs, not to speculate on price movements.
The mechanics involve Metaplanet collecting a premium for selling the option. If Bitcoin's price remains above the predetermined strike price at expiration, the option expires worthless and the company retains the full premium. If the price falls below the strike, Metaplanet acquires Bitcoin at a net cost reduced by the premium already received.
Current Holdings and Long-Term Vision
Metaplanet's current balance sheet holds 35,102 Bitcoin, carrying unrealized losses exceeding $1.2 billion. Looking ahead, Gerovich shared a personal view on February 19 that Bitcoin may have found a floor around the $60,000 level, while emphasizing inherent market uncertainty. At the time of his statement, Bitcoin was trading between $67,000 and $68,000. He affirmed the company's commitment to continue accumulating the cryptocurrency regardless of short-term price action.
The firm's ambitious long-term target remains unchanged: to hold 210,000 BTC by 2027, equivalent to approximately 1% of the total Bitcoin supply. For fiscal year 2026, management forecasts revenue of 16 billion yen and an operating profit of 11.4 billion yen, representing growth of around 80%. Due to ongoing Bitcoin price volatility, the company did not provide a net profit forecast.
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