Simon Gerovich Defends Bitcoin Treasury Strategy as Metaplanet Shares Slide

Metaplanet CEO Simon Gerovich defends Bitcoin treasury strategy after sharp share decline, citing transparency, disciplined accumulation, options income, shareholder accountability.

Simon Gerovich, CEO of Metaplanet, publicly addressed mounting online criticism this week. The response came after a sharp fall in the price of Bitcoin and Metaplanet shares. Market volatility has put extremely high pressure on companies pursuing aggressive Bitcoin treasury strategies.

Metaplanet CEO Responds to Critics Amid Market Decline

Bitcoin has plummeted some 50% from its October all-time high levels. The cryptocurrency is now trading close to $67,000 after months of heavy selling pressure. Meanwhile, Metaplanet shares are down about 85% from their 2025 peak.

_Related Reading: _****Metaplanet Pledges to Hold Bitcoin Amid Volatility

Gerovich directly addressed anonymous accounts of the company’s poor disclosure practices. He said that hiding behind the anonymity promotes outrage without accountability or responsibility. Moreover, he stressed the individual responsibility for statements and the corporate actions of Metaplanet.

Gerovich rejected claims that Metaplanet’s disclosures were not made with sincerity or transparency. He described those accusations as inflammatory and not consistent with the verifiable records of the public. According to Gerovich, Bitcoin holdings can be tracked by shareholders using wallet addresses which are publicly shared.

Additionally, Metaplanet offers live dashboard of Bitcoin’s positions live. Gerovich contended that few listed companies provide similar levels of transparency on operations. Therefore, he placed Metaplanet among the most transparent companies in the world, which is a publicly traded company.

Gerovich also discussed criticism of Bitcoin purchases during highs of the September market. He confirmed that Metaplanet made 4 individual Bitcoin acquisitions during the month. Each purchase, he said, was made known immediately by official announcements.

Strategy Focuses on Long-Term Bitcoin Accumulation

Gerovich conceded that September was a peak in local Bitcoin price. However, he emphasized that Metaplanet’s strategy is not short-term market timing attempts. Instead, the company is all about systematically, long-term accumulation of Bitcoin regardless of price.

In addition, Gerovich defended Metaplanet’s options-based income-generation approach. Critics, he said, misunderstood how put-selling strategies work as part of treasury management. Selling put options, he explained, allows Bitcoin’s acquisition below prevailing spot prices.

For example, he drew a scenario that included an $80,000 spot price of Bitcoin. The effective purchase cost level is reduced by selling a put with a premium of $10,000. Consequently, the adjusted acquisition cost is also $70,000 instead of $80,000.

Gerovich said volatility-driven options activity helped drive efficiency in treasury in the fourth quarter of 2025. The strategy, he added, brought down Metaplanet’s effective costs of accumulating bitcoins considerably. Importantly, Bitcoin per share rose more than 500% throughout 2025.

Metaplanet Reports 1,694% Operating Profit Growth Year-Over-Year

Gerovich also explained what Metaplanet’s recent financial statements and results meant. He argued net profit is a wrong measure of performance for Bitcoin treasury companies. Operating profit increased to 6.2 billion yen with a growth rate of 1,694% compared with the previous year.

The loss, which was reported, was caused by unrealized valuation adjustments, Gerovich explained. These accounting effects are associated with holding long-term Bitcoins for sale. Therefore, he did not accept conclusions that indicated strategic failure or operational weakness.

Gerovich also commented on the issues of Metaplanet’s borrowing and credit facilities. He confirmed 3 timely disclosures with regard to October, November and December financing activities. Key terms, collateral details and the purpose of the borrowing were publicly recorded.

However, lender identities and specific rates were not disclosed as per request of counterparties. Gerovich said that financing conditions were still good for Metaplanet’s treasury goals. He rejected suggestions of secret agreements or incomplete disclosures.

Gerovich pointed towards himself as a major Metaplanet shareholder who is personally vulnerable to declines. He said capital deployment was strictly adhering to previously revealed strategic plans and allocations. In addition to this, the hotel business of Metaplanet was 437 million yen in revenue in FY2025.