Markets
What to know:
- Simon Gerovich stands resolute in defending Metaplanet’s transparency, its quirky options-based Bitcoin scheme, and the curious accounting it papers over with a stiff upper lip.
- Gerovich contends that all Bitcoin purchases were disclosed in good time, and that criticisms rooted in unrealised losses or mere market timing betray a misreading of the grand, inexorable plan.
Simon Gerovich, chief executive of Metaplanet (3350), has deigned to answer the online chorus of critics levelled at the Tokyo-listed bitcoin treasury concern, even as Bitcoin languishes some fifty per cent below its October high and hovers about $67,000, while Metaplanet’s shares have slithered down roughly 85% from their 2025 peak.
Addressing anonymous detractors, Gerovich remarked, “It’s easy to hide behind anonymous accounts, criticise others, and inflame the mob without shouldering any responsibility.” He added, “I have no qualms about shouldering public responsibility for all my statements and Metaplanet’s actions.”
Anonymous accounts behind them, criticising others without bearing any responsibility, and stirring up controversy is easy. Yet I am prepared to bear public responsibility for all my statements and Metaplanet’s actions. I will address each claim directly. …
– Simon Gerovich (@gerovich) February 20, 2026
Metaplanet employs options-specifically selling put options and put spreads-to generate premium income and, all else equal, perhaps acquire bitcoin below the going market price.
Defending this approach, Gerovich insisted, “Selling put options is not a bet on bitcoin’s price rising.” He argued the tactic is designed to lower the company’s effective purchase cost and to monetise volatility.
On transparency, Gerovich boasted, “we are one of the most transparent listed companies in the world.” He pointed to real-time wallet disclosures and repeated announcements of purchases, including those made in September. He candidly admitted market-timing concerns, noting, “September marked a local peak. I have no intention of denying that.” He stressed that the strategy is systematic accumulation, not a dash for short-term fame.
In response to questions about results, Gerovich asserted, “Net profit is not a proper metric for evaluating a bitcoin treasury company.” He also rejected suggestions about the hotel division, insisting the business is not in ruins and remains profitable.
Metaplanet shares trade at 307 yen, while the company holds 35,102 BTC.
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2026-02-20 08:53