After Bitcoin fell roughly 50 percent from its October peak and Metaplanet shares dropped sharply from their 2025 highs, the company faced mounting criticism on social media. In response, Gerovich issued a public statement outlining the firm’s Bitcoin acquisition strategy and its derivatives activity. He emphasized that the company does not attempt to time the market, instead following a disciplined, long-term accumulation framework.
Options Strategy Aimed at Lowering Cost Basis
Gerovich explained that heightened volatility over the past six months led the firm to allocate more capital toward yield-focused strategies. By selling put options and put spreads, the company generated premium income, part of which was used to purchase Bitcoin for the long term. According to the CEO, these trades were not directional bets on price appreciation but tools to monetize volatility and reduce the effective acquisition cost of Bitcoin. He also noted that four Bitcoin purchases in September were disclosed in a timely manner and were part of a systematic plan rather than market timing.
“Net Profit Is Not the Right Metric”
The company reported a net loss of approximately 95 billion yen in 2025, largely driven by unrealized losses on its Bitcoin holdings. Gerovich argued that net income is not an appropriate performance indicator for Bitcoin treasury companies. With 35,102 BTC on its balance sheet, Metaplanet maintains that all transactions were disclosed promptly and that it remains committed to a high standard of transparency.ContentEN
