Key Takeaway:
- Gerovich defends transparency, accounting, and options-based Bitcoin treasury strategy.
- Treasury accumulated Bitcoin while selling puts and spreads to monetize volatility.
- Clear disclosures and verification crucial, ensuring options income doesn’t amplify risk.
As reported by CoinDesk, Metaplanet CEO Simon Gerovich pushed back on criticism, defending the firm’s transparency, its options‑based Bitcoin strategy, and its accounting approach. The company’s position is that Bitcoin purchases and related actions have been disclosed in line with policy and practice.
Within that defense, management outlined that the treasury continued accumulating Bitcoin while generating options income by selling put options and spreads over the past six months. The approach aims to monetize volatility without selling core holdings, while critics have focused on timing, transparency, and the options overlay amid a share‑price slump.
The disclosures debate matters because treasury strategies that rely on market trust can carry an investor‑confidence premium. Clear timing, verifiable holdings, and consistent accounting help investors assess whether options income complements or amplifies Bitcoin price risk.
For verification, Cointelegraph reports that management points investors to timely purchase and borrowing notices, public wallet addresses, and a live dashboard to cross‑check reported Bitcoin balances. Those touchpoints can be compared with statutory filings to evaluate consistency over time.
Management has also framed accountability as a theme while reiterating the strategy during the recent selloff. “It’s easy to hide behind an anonymous account… without taking any responsibility whatsoever,” said Simon Gerovich, CEO of Metaplanet. He also said operating profit rose 1,695% year over year to 6.29 billion yen, while a 37% Bitcoin price drop contributed to roughly $1.2 billion in unrealized losses and a 2025 net loss of about $619 million.
Mechanically, selling puts and put spreads can generate premium income when Bitcoin holds above option strikes. If price falls, obligations to buy or post collateral can pressure liquidity; spreads may cap exposure but also limit income, so concentration, leverage, and collateral policy determine whether the overlay dampens or magnifies volatility.
At the time of writing, Bitcoin (BTC) is about $68,013 with very high 11.75% volatility and a 14‑day RSI near 35.7, while sentiment is described as bearish. Price sits below the 50‑day and 200‑day moving averages, with 12 green days in the last 30 sessions. This frames the market backdrop in which options income may vary over short horizons, without implying outcomes.
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