- Gerovich says all Bitcoin purchases and addresses are public, letting shareholders track holdings in real time.
- Selling put options lowers Bitcoin costs; Metaplanet’s strategy boosted Bitcoin per share over 500% in 2025.
- Operating profit surged 1,694% in 2025; hotel business profitable, showing capital deployed exactly as disclosed.
Metaplanet CEO Simon Gerovich issued a strong defense of the company’s Bitcoin strategy, addressing widespread criticism over its transparency and trading methods. Speaking directly to shareholders on X, Gerovich stressed the company’s commitment to full disclosure and long-term accumulation of Bitcoin.
He insisted that anonymous critics often misrepresent facts, and he took responsibility for clarifying key claims. “It’s easy to hide behind anonymous accounts, criticize others, and incite outrage without taking any responsibility. However, I have no qualms about taking public responsibility for all my statements and Metaplanet’s actions,” he said.
The CEO explained that volatility has risen sharply in recent months. Metaplanet responded by allocating more capital to income-generating strategies, selling puts and put spreads to lower Bitcoin acquisition costs. Consequently, some proceeds were used to buy Bitcoin for long-term holdings. Gerovich emphasized that “all of our Bitcoin addresses are publicly available, and through our live dashboard, shareholders can check our holdings in real time.” This ensures transparency and accountability in real time.
Bitcoin Purchases and Options Strategy
Regarding the September purchases, Gerovich clarified that four transactions were fully disclosed when executed. He acknowledged September marked a local price peak but noted the company focuses on long-term accumulation rather than market timing. “Our strategy is not about timing the market. It is about accumulating Bitcoin long-term and systematically,” he said.
He also addressed criticism of options trading, explaining that selling puts is not a bet on price increases. “Selling put options is a means to acquire Bitcoin at a cost lower than the spot price,” he noted. By leveraging volatility, Metaplanet reduced effective acquisition costs in Q4 and boosted Bitcoin per share, the company’s primary KPI, by over 500% in 2025.
Financial Clarity and Borrowing Disclosures
Gerovich highlighted that net profit is not the right metric for a Bitcoin treasury company. Operating profit surged 1,694% year-over-year to ¥6.2 billion. Ordinary loss came solely from unrealized Bitcoin valuation changes, which the company does not plan to sell. He also confirmed three timely disclosures of credit facilities and borrowings. While lender identities and exact rates remain private, terms are favorable, he stated.
The CEO stressed that Metaplanet’s hotel business remains profitable, generating ¥437 million in sales and ¥169 million in operating profit in FY2025. He also confirmed personal financial alignment with shareholders, reinforcing confidence in capital deployment and strategic execution.
