Metaplanet CEO Defends ‘Transparent’ Bitcoin Strategy

Gerovich also stressed that selling put options and put spreads was designed to acquire BTC below spot and monetize volatility for shareholders rather than to gamble on short‑term price moves.

Measuring performance by different metrics

The Metaplanet CEO also contested the use of net profit as a yardstick for a Bitcoin treasury company, pointing instead to soaring revenue and operating profit from Bitcoin‑related activities, especially options income.

Metaplanet reported fiscal 2025 revenue of 8.9 billion Japanese yen (about $58 million) on Monday, up roughly 738% year‑on‑year, even while booking a net loss of about $680 million due to the sharp decrease in price of its Bitcoin holdings.

Gerovich said that treating those non‑cash losses as evidence of strategic failure misunderstood the accounting treatment of assets.

He noted that Metaplanet had established a credit facility in October 2025 and disclosed subsequent drawdowns in November and December, including information on borrowing amounts, collateral, structure and broad interest terms, all viewable on Metaplanets disclosures page.

The lender‘s identity and exact rates were withheld, Gerovich said, at the counterparty’s request.

Finally, he argued that the borrowing conditions were favorable for Metaplanet and that the company‘s balance sheet remained solid despite Bitcoin’s drawdown.

Wider backlash against BTC treasury plays

Gerovichs defense comes as other listed Bitcoin treasury plays face scrutiny over the sustainability and risk of their Bitcoin‑heavy treasury model.

Strategy, the largest corporate holder of BTC, reported a $12.4 billion net loss in the fourth quarter of 2025 as Bitcoin fell 22% over the period, although it emphasized a “stronger and more resilient” capital structure and an “indefinite” Bitcoin time horizon.

Cointelegraph reached out to Metaplanet for additional comment, but had not received a response by publication.

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