Metaplanet CEO Defends Bitcoin Options Strategy Amid BTC Price Crash

Key Insights:

• Metaplanet CEO Simon Gerovich said all Bitcoin buys were disclosed in a timely manner and wallets are shown in real time amid criticism.
• Metaplanet reported a $619M FY2025 net loss, driven by a $665.8M mark-to-market Bitcoin valuation adjustment.
• Metaplanet held 35,102 BTC and said it targets 175,000 BTC by 2027, using put-option sales to earn premiums and lower cost.

Bitcoin price slide has increased attention on firms running Bitcoin treasury models, and Metaplanet has faced fresh scrutiny. Bitcoin was trading near $67,000 after falling almost 50% from its October all-time high, while Metaplanet’s shares were down about 85% from their 2025 high and recently traded around 307 yen.

At the same time, traders tracked downside reference points using on-chain cost data. CryptoQuant analyst Burak Kesmeci said Bitcoin falling below the $88,700 cost basis for new large holders signaled a move into a bearish phase. He pointed to $58,700 and $54,700 as the next key realized-price levels and cited $41,600 as a deeper level linked to older large holders.

Metaplanet CEO Response to Criticism and Disclosure Claims

Metaplanet CEO Simon Gerovich addressed online criticism that questioned purchase timing and disclosure practices. He said critics were using anonymous accounts and added that he was willing to take public responsibility for Metaplanet’s statements and actions.

Gerovich said the company promptly disclosed all Bitcoin purchases and pointed to real-time wallet disclosures alongside repeated purchase announcements, including those made in September. He also said September coincided with a local peak and framed the approach as systematic accumulation rather than short-term trading.

Metaplanet has used options strategies to generate premium income and to seek entry prices below spot levels. The firm has sold put options and put spreads, which can result in Bitcoin being acquired at a lower effective price if exercised.

Gerovich said selling put options should not be treated as a directional bet that Bitcoin must rise. The process is a way to lower the firm’s effective purchase cost and monetize volatility while keeping the core objective focused on reserve accumulation.

Metaplane FY2025 Loss and Balance-sheet Metrics

Metaplanet reported a $619 million net loss for fiscal year 2025, which it attributed mainly to a $665.8 million unrealized valuation loss on its Bitcoin holdings. The figure reflects Japan’s mark-to-market accounting rules, which require crypto assets to be valued at current market prices even when they are not sold.

Gerovich said net profit is not an appropriate metric for evaluating a Bitcoin treasury company, and the valuation move is a non-operating accounting adjustment that did not affect cash flow or liquidity. The company reported an equity ratio of 90.7% and said its balance sheet would remain fully covered even if Bitcoin fell by as much as 86%.

Treasury scale, Market Stress, and Operating Business Remarks

By the end of FY2025, Metaplanet said it held 35,102 BTC, a 1,892% year-over-year increase, and reiterated that Bitcoin is a permanent reserve asset. The company has set a target to accumulate 175,000 BTC by 2027 and said the goal will be pursued through ongoing treasury operations and funding activities.

Meanwhile, on-chain indicators pointed to market stress, as CryptoQuant data showed about 46% of the circulating Bitcoin supply in unrealized loss. This was the highest level since late 2022. Analyst Darkfost said daily realized losses exceeded 30,000 BTC on February 5, and compared that with the 80,000 to 92,000 BTC daily peaks seen during the 2022 bear market.

Gerovich also responded to comments about Metaplanet’s non-crypto operations, including its hotel business. He rejected claims that the hotel division was in ruins and said the segment was profitable, while also stating that performance discussions should separate operating results from Bitcoin price driven accounting swings.

However, critics have said September purchases were disclosed later than expected and were made near local highs. Others raised questions about borrowing terms and the share price drawdown since last year.

Some have also argued that Bitcoin was accumulated using shareholder funds while operating businesses remain modest.

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