Has Metaplanet underperformed? CEO defends Bitcoin strategy and disclosures
Metaplanet’s chief executive, Simon Gerovich, has publicly pushed back on claims that the company has lagged the value of its Bitcoin holdings, with coverage noting he defended the firm’s treasury approach after a sharp share-price decline by emphasizing transparency, disciplined accumulation, and options income, according to LiveBitcoinNews. The criticism centers on timing of purchases, disclosure cadence, and the role of derivatives in the strategy, as the company continues to position itself as a long-term Bitcoin holder.
According to Metaplanet, operating profit rose 1,694% year over year, and management intends to keep accumulating Bitcoin rather than selling existing reserves. The company reported total holdings of 35,102 BTC at a combined cost of $3.78 billion, implying an average acquisition price of $107,606 per bitcoin.
Why the debate matters: valuation, transparency, and derivatives exposure
The dispute touches core valuation mechanics for a Bitcoin-heavy balance sheet: whether an equity should track its implied net asset value (NAV) per share or trade at a premium/discount based on governance, financing, and risk-management choices. When volatility and financing terms shift, perceived execution risk can widen that gap, even if underlying Bitcoin per share rises.
As per Bitget News, Gerovich rejected claims that Metaplanet lacks transparency in its Bitcoin investment strategy following online criticism. The discussion has included questions about purchase timing near perceived highs and how quickly transactions and related details are disclosed.
As reported by Coinpaper, part of the skepticism focuses on the company’s options-based approach to managing its Bitcoin exposure and income. To address the pricing and risk questions around derivatives, Gerovich has framed options-writing as a cost-management tool: “Selling put options reduced Bitcoin costs; long-term holding strategy remains unchanged,” said Simon Gerovich, CEO of Metaplanet.
Immediate impact on investors: disclosures, options income, and sentiment
Blockonomi reported that Metaplanet reaffirmed its long-term Bitcoin strategy as its global shareholder base expanded, adding that derivatives activity contributed to higher Bitcoin per share. For investors, the near-term focus remains on the clarity of purchase disclosures and the extent to which options income complements, rather than overrides, the core buy-and-hold thesis.
At the time of this writing, Bitcoin (BTC) traded around $67,800, with sentiment flagged as Bearish and 30‑day volatility near 11.75% (Very High), based on the provided market data. The same dataset shows 12 green days out of the last 30 (40%), an RSI(14) reading of 35.72 (Neutral), and spot levels below the 50‑day and 200‑day simple moving averages ($82,958 and $99,868, respectively), context that may inform how equity investors perceive risk and timing without determining outcomes.
Stock vs holdings: why the market price can diverge from NAV
An equity that holds Bitcoin can trade away from its implied NAV per share for reasons that include governance perceptions, financing terms, derivative overlays, and accounting effects. For example, reported results can reflect non-cash impairments tied to volatility even when the underlying strategy is unchanged, according to AInvest. These dynamics help explain why market prices can deviate from a straightforward mark-to-market of reserves, particularly during periods of elevated uncertainty.
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