Metaplanet CEO Responds to Criticism: Selling Put Options Is to Reduce Bitcoin Acquisition Costs; Long-term Holding Strategy Remains Unchanged

Techub News reports that Simon Gerovich, CEO of Japan’s Bitcoin treasury company Metaplanet, responded to allegations of “dishonest information disclosure” regarding the company. He stated that these claims are false and that he and the company are willing to take public responsibility for all statements and actions. The company’s long-term, systematic strategy of increasing Bitcoin holdings remains unchanged.

Simon Gerovich explained that over the past six months, due to increased volatility, the company shifted more funds into income-generating activities by selling put options and put spread options to capitalize on this volatility. These funds were actively managed as options positions. Some of the proceeds were used to purchase Bitcoin for long-term holding, and these decisions were promptly disclosed. Additionally, all of the company’s Bitcoin addresses are public, allowing shareholders to view holdings in real-time via a live dashboard. Regarding the accusation of “buying at high points in September without disclosure,” he stated that the company made four Bitcoin purchases in September, all of which were disclosed in a timely manner. The company’s strategy is not market timing but rather long-term, systematic accumulation of Bitcoin. Furthermore, selling put options is not merely a bullish bet but a way to acquire Bitcoin at an effective cost below the spot price. The frequent losses are mainly due to unrealized fair value fluctuations of long-term holdings that are not intended to be sold. Interpreting these as strategic failures is a misunderstanding.