Metaplanet CEO rebuts critics over bitcoin strategy and transparency
TL;DR
Metaplanet CEO Simon Gerovich defends the company's Bitcoin strategy and transparency against critics, emphasizing long-term systematic accumulation over short-term metrics and addressing concerns about options-based purchases and financial results.
Key Takeaways
- •Gerovich defends Metaplanet's transparency, citing real-time wallet disclosures and timely purchase announcements.
- •The company uses options strategies like selling puts to lower Bitcoin acquisition costs and monetize volatility, not to bet on price rises.
- •Criticism based on unrealized losses or market timing is dismissed as a misreading of Metaplanet's long-term accumulation strategy.
- •Gerovich rejects net profit as an appropriate metric for evaluating a Bitcoin treasury company and highlights the profitability of the hotel division.
What to know:
- Simon Gerovich defended Metaplanet’s transparency, options based Bitcoin strategy, and accounting approach.
- Gerovich said all Bitcoin purchases were disclosed in a timely manner, and maintained that criticism based on unrealized losses or market timing reflects a misreading of the company’s long term strategy.
- Simon Gerovich defended Metaplanet’s transparency, options based Bitcoin strategy, and accounting approach.
- Gerovich said all Bitcoin purchases were disclosed in a timely manner, and maintained that criticism based on unrealized losses or market timing reflects a misreading of the company’s long term strategy.
Simon Gerovich, CEO of Metaplanet (3350), has responded to online criticism of the Tokyo-listed bitcoin treasury company, as bitcoin is down almost 50% from its October all-time high and now trading near $67,000, while Metaplanet shares have fallen roughly 85% from their 2025 all-time high.
Addressing anonymous critics, Gerovich said, "It's easy to hide behind anonymous accounts, criticize others, and incite outrage without taking any responsibility." Gerovich added, "I have no qualms about taking public responsibility for all my statements and Metaplanet's actions."
匿名アカウントの裏に隠れて、何の責任も負うことなく他者を非難し、炎上させることは簡単です。しかし、私は自らの発言とメタプラネットの行動すべてに対して公の場で責任を負うことに何の抵抗もありません。そのため、寄せられている各主張に対して、直接お答えします。… https://t.co/e0ieMGq29N
— Simon Gerovich (@gerovich) February 20, 2026
Metaplanet uses options, specifically selling put options and put spreads, to generate premium income and potentially acquire bitcoin below the prevailing market price.
Defending this approach, Gerovich said, "Selling put options is not a bet on bitcoin's price rising."
Gerovich explained that the strategy is designed to lower the company’s effective purchase cost and monetise volatility.
On transparency, Gerovich said, "we are one of the most transparent listed companies in the world." Gerovich pointed to real-time wallet disclosure and repeated announcements of purchases, including those made in September.
Gerovich also acknowledged market timing concerns, he said, "September marked a local peak. I have no intention of denying that." Gerovich stressed that the strategy is systematic accumulation, not short-term trading.
Lastly, Gerovich responded to criticism of financial results, saying, "Net profit is not an appropriate metric for evaluating a bitcoin treasury company." Gerovich also rejected claims about the hotel division, stating the business is not in ruins and highlighting its profitability.
Metaplanet shares trade at 307 yen, while the company holds 35,102 BTC.
- Bitcoin wallets holding less than 0.1 BTC have increased their share of supply to the highest since mid-2024 even as the price holds around the mid-$60,000s.
- Larger holders with 10 to 10,000 bitcoins — the whales and sharks that typically drive major moves — have reduced their positions since the October peak.
- The divergence supports choppy, fragile price action because retail demand alone cannot sustain rallies when big wallets are distributing into every recovery.
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