Metaplanet CEO Simon Gerovich has answered online criticism directed at the Tokyo-listed bitcoin treasury company as market pressure intensifies. Bitcoin is down nearly 50% from its October all-time high and is trading near $67,000, while Metaplanet shares have dropped about 85% from their 2025 peak.
Responding to anonymous accounts, Gerovich said it is easy to hide behind pseudonyms, criticize others, and stir outrage without taking responsibility. He said he is prepared to take public responsibility for his statements and for Metaplanet’s actions.
CEO says options strategy is about purchase cost, not a bullish call
Gerovich defended the company’s use of options, including selling put options and put spreads. According to him, the structure allows Metaplanet to collect premium income and potentially acquire bitcoin below the prevailing market price if contracts are assigned.
He rejected the idea that selling puts should be read as a directional wager on bitcoin moving higher. In his explanation, the strategy is built to reduce the company’s effective acquisition cost and monetize volatility rather than to trade short-term upside.
Metaplanet points to real-time wallet disclosure
On the question of transparency, Gerovich said Metaplanet is among the most transparent listed companies in the world. He pointed to real-time wallet disclosure and repeated announcements of bitcoin purchases, including acquisitions made in September.
He also addressed concerns about timing. Gerovich acknowledged that September was a local peak and said he had no intention of denying that. His main point was that Metaplanet is following a systematic accumulation approach, not trying to time short-term market swings.
Net profit, he says, is not the right yardstick
Gerovich also responded to criticism of the company’s financial results. He said net profit is not an appropriate metric for evaluating a bitcoin treasury company. He separately pushed back on claims surrounding Metaplanet’s hotel division, saying the business is not in ruins and remains profitable.
Metaplanet shares were trading at 307 yen, and the company holds 35,102 BTC. The dispute over its bitcoin strategy continues, but the company’s position is clear in this response: it is pursuing rule-based accumulation, keeping disclosures public, and asking investors not to judge the model solely through conventional earnings metrics.