Metaplanet CEO Defends Company Against Bitcoin Trading Allegations
- Metaplanet CEO Simon Gerovich refuted claims that the company misled investors regarding its Bitcoin strategy.
- In September, Metaplanet made four significant Bitcoin purchases totaling over 12,000 BTC, which were publicly disclosed.
- The company reported a fiscal year revenue of ¥8.9 billion (approximately $58 million), up by about 738% year-on-year, despite a net loss of around $680 million due to declining Bitcoin prices.
- Gerovich emphasized that selling put options was aimed at acquiring BTC below market price rather than speculative trading.
- Other companies holding large amounts of BTC are facing scrutiny as they report substantial losses amid market downturns.
Gerovich’s defense comes as Metaplanet faces criticism for its trading practices and disclosures related to its Bitcoin holdings. The company’s substantial revenue growth contrasts sharply with its reported losses, highlighting the complexities in managing a Bitcoin-heavy treasury model.
Despite reporting a significant net loss due to falling Bitcoin values, Metaplanet’s revenue surged by approximately ¥8.9 billion ($58 million), indicating strong operational performance amidst market challenges.
