metaplanet

Metaplanet’s Simon Gerovich addressed critics who accused the company of hiding losses and key details of its #bitcoin bets, as investor anger over leveraged Bitcoin treasuries spreads.
Metaplanet CEO Simon Gerovich pushed back against accusations from what he called “anonymous accounts” that the company misled investors about its Bitcoin strategy and disclosures.
Critics on X have argued that Metaplanet delayed or withheld price‑sensitive information about large $BTC purchases and options trades funded with shareholder capital, obscured losses from its derivatives strategy and failed to fully disclose key terms of its BTC‑backed borrowings.
In a detailed X post on Friday, Gerovich argued that #metaplanet promptly reported all Bitcoin purchases, option strategies and borrowings, and that critics were misreading its financial statements rather than uncovering misconduct.
September buys and disclosures
Gerovich said that Metaplanet made four Bitcoin purchases in September 2025 and “promptly announced” each, rejecting claims that the company secretly bought at the local peak without disclosure.
Metaplanet’s real-time public dashboard corroborates the buys, showing it purchased 1,009 BTC on Sept. 1, 136 BTC on Sept. 8, 5,419 BTC on Sept. 22 and 5,268 BTC on Sept. 30, 2025. 

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 #BTC 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 Metaplanet’s 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
Gerovich’s 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. 
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision
#bullishleo

Metaplanet CEO Simon Gerovich has pushed back against online criticism following the firm’s reported $619 million net loss for fiscal year 2025, reaffirming that the company remains fully committed to its aggressive Bitcoin accumulation strategy.

Key Takeaways
Metaplanet reported a $619M net loss, largely due to non-cash accounting adjustments.The company holds 35,102 BTC as of February 2026.A $137M fundraising plan aims to accelerate accumulation.The target is 210,000 BTC by 2027, or roughly 1% of total supply.Phase Two includes using Bitcoin as collateral to acquire cash-flow-generating businesses. 
The loss, largely driven by unrealized mark-to-market accounting adjustments on its Bitcoin holdings, sparked accusations of “dishonest information disclosure.” Gerovich rejected those claims, arguing that the reported deficit reflects accounting treatment under Japanese standards rather than any operational weakness. He emphasized that the company’s non-crypto business lines remain cash-flow positive.
Transparency and Long-Term Focus
Gerovich stated that all Bitcoin purchases - including four major acquisitions in September 2025 - were disclosed promptly. He pointed to a public real-time dashboard that allows investors to track wallet addresses and total holdings.
As of February 2026, Metaplanet holds 35,102 BTC.
Despite market volatility, the CEO highlighted what he described as strong underlying performance. In 2025, Bitcoin per share increased by 500%, a metric he says better reflects shareholder value creation than short-term accounting fluctuations.
Gerovich also defended the company’s use of selling put options, describing it as a structured and risk-managed way to lower acquisition costs through premium income. According to him, the strategy is designed to monetize volatility rather than speculate on price direction.
$137 Million Raise to Accelerate Accumulation
In late January 2026, Metaplanet approved a $137 million capital raise as part of its broader “555 Million Plan,” which targets ownership of roughly 1% of Bitcoin’s total supply - about 210,000 BTC - by the end of 2027.
The fundraising was structured as a third-party allotment to overseas institutional investors.
The company secured $82 million upfront through the issuance of 24.5 million new shares priced at 499 yen. An additional $55 to $59 million could be raised if investors exercise 159,440 fixed-strike warrants at 547 yen per share. These warrants remain valid until February 15, 2027.
How the Funds Will Be Used
Of the total raise:
Approximately $91.2 million is allocated directly for Bitcoin purchases.
Around $33.2 million will be used to repay high-interest debt and improve balance sheet flexibility.
Nearly $9.8 million is earmarked to support its Bitcoin income-generation segment, which uses derivatives strategies to earn yield.
Gerovich describes the accumulation push as a “Bitcoin gold rush,” arguing that scale is essential to reach what he calls “escape velocity” before competitors.
Roadmap to 210,000 BTCThe company has set clear milestones:100,000 BTC by the end of 2026210,000 BTC by late 2027
Once reserves reach sufficient levels, Metaplanet plans to enter what it calls “Phase Two.” This strategy involves using its Bitcoin holdings as collateral to secure bank financing, which would then fund acquisitions of profitable, cash-flow-generating businesses. Among the potential targets mentioned is a Japanese digital bank aimed at enhancing retail financial services.
Accounting Losses vs. Economic Strategy
Gerovich stressed that reported net losses are non-cash adjustments and do not signal liquidity problems or strategic failure. He reiterated that the company does not attempt to time the market but follows a systematic accumulation plan regardless of short-term price movements.
He also shared a personal view that Bitcoin may have established a price floor near $60,000, though he added that the company’s long-term approach remains unchanged regardless of near-term fluctuations.
With 35,102 BTC already on its balance sheet and an ambitious roadmap ahead, Metaplanet appears determined to position itself as one of the largest corporate holders of Bitcoin globally by 2027.
#metaplanet #bitcoin

📅 February 16 - Japan | Bitcoin volatility once again hit corporate balance sheets hard. The Japanese firm Metaplanet, focused on BTC treasury strategy, reported a net loss of 95 billion yen (approximately $619 million) in its fiscal year ending December 31, reversing the profits of the previous year.

📖Despite the hit to its results, Metaplanet emphasized that its balance sheet remains “robust.” With a capital ratio of 90.7%, it asserts that even in the event of a hypothetical 86% drop in the price of BTC, its liabilities and preferred stock would be fully covered.
At year-end, it reported 46.7 billion yen in liabilities ($304 million) and 458.5 billion yen in net assets ($2.99 ​​billion). Its bitcoin reserves were valued at 481.5 billion yen ($3.1 billion).
On the operational front, the figures tell a different story. Revenue for fiscal year 2025 reached 8.91 billion yen ($58 million), a 738% year-over-year increase, while operating profit grew 1,695% to 6.29 billion yen ($41 million).
The majority of this revenue came from bitcoin-related operations, particularly income from premiums on BTC options transactions.
Its treasury growth was even more aggressive. Metaplanet surpassed its target of 30,000 BTC and ended the year with 35,102 BTC, a 1,892% increase from the previous year's 1,762 BTC. This represents approximately 0.16% of the total bitcoin supply, positioning it as the fourth largest publicly traded company in terms of BTC reserves globally.
Although still far from the 714,644 BTC held by Strategy, the Japanese company has set an ambitious goal: to reach 210,000 BTC, equivalent to 1% of the total supply.

Topic Opinion:
Adopting an aggressive BTC accumulation strategy can boost operational growth, but it also amplifies accounting volatility.
💬 Will Metaplanet reach its goal of 210,000 BTC?

Leave your comment...
#metaplanet #bitcoin #BTC #Investment #CryptoNews $BTC

Metaplanet Inc. delivered one of the most dramatic earnings reports of the season, combining triple-digit operational growth with a headline net loss tied directly to Bitcoin’s price volatility.

Key Takeaways
Metaplanet’s revenue surged 738% in FY2025, with operating profit jumping nearly 1,700% thanks to its Bitcoin Income model.A ¥95 billion net loss was driven by non-cash Bitcoin valuation declines, not core operations.The company holds 35,102 BTC and aims to dramatically expand its treasury, targeting 100,000 BTC by 2026. 
The Tokyo-listed company reported that revenue for fiscal year 2025 surged 738.3% year-over-year to ¥8.905 billion (around $58 million), as its newly established Bitcoin-focused income model became the dominant engine of the business.
Operating profit climbed even faster, rising 1,694.5% to ¥6.287 billion (approximately $40.8 million). However, despite the explosive operating performance, the company posted a net loss of roughly ¥95 billion ($619–$633 million).
The red ink was not driven by core operations. Instead, it stemmed from a non-cash valuation loss of about ¥102.2 billion ($660 million), reflecting the decline in Bitcoin’s market price at the fiscal year-end mark-to-market calculation.
Japan’s Largest Corporate Bitcoin Holder
As of December 31, 2025, Metaplanet held 35,102 BTC, making it the largest corporate Bitcoin holder in Japan. With Bitcoin currently trading near $70,000, the company’s treasury position remains a central pillar of its balance sheet and long-term strategy.
Management has made clear that volatility is part of the model. While accounting standards require unrealized losses to be recorded when prices fall, those losses can reverse just as quickly during price recoveries.
The Rise of the “Bitcoin Income” Model
Metaplanet’s transformation into what it calls a “Bitcoin Income” company is now nearly complete. Roughly 95% of total revenue is derived from Bitcoin-linked activities rather than traditional operations.
At the core of this strategy is an options-writing approach. The company primarily sells cash-secured put options, collecting upfront premiums while committing to purchase additional Bitcoin at predetermined strike prices if markets decline.
This premium-harvesting strategy generated about $58.2 million in revenue during fiscal 2025 alone. Management measures performance using a metric called “BTC Yield per diluted share,” which reportedly increased 568% over the past year.
Aggressive 2026 Outlook
Looking ahead, Metaplanet issued ambitious guidance for fiscal year 2026.
The company projects revenue of ¥16 billion (around $103–$104.6 million) and operating profit of ¥11.4 billion ($73–$74.5 million), representing an expected 81.3% increase in operating income.
Beyond short-term growth, management has outlined a bold long-term objective: accumulating approximately 1% of Bitcoin’s total global supply - or around 210,000 BTC - by 2027.
Capital Raise Fuels “555 Million Plan”
To accelerate its accumulation strategy, Metaplanet recently launched a substantial capital raise tied to its so-called “555 Million Plan,” targeting 100,000 BTC by the end of 2026.
The company secured up to ¥21 billion (around $137 million) through a third-party allotment to overseas investors. The structure included:
24.53 million new common shares issued at ¥499 per share, raising about ¥12.2 billion upfront
159,440 stock acquisition rights (warrants) priced at ¥547, exercisable until February 15, 2027
Proceeds are earmarked primarily for direct Bitcoin purchases (¥14 billion), partial repayment of a $500 million credit facility (¥5.19 billion), and expansion of its Bitcoin-Income derivatives and options operations (¥1.56 billion).
Balancing Volatility and Scale
Metaplanet’s results underscore the dual nature of corporate Bitcoin treasury strategies. On one side, the company is delivering explosive revenue and operating growth. On the other, accounting volatility can produce massive swings in reported net income.
With Bitcoin trading near $70,000 and the company aggressively expanding both its treasury and derivatives activities, 2026 is shaping up to be a defining year for Japan’s most prominent corporate Bitcoin accumulator.
#metaplanet