‘We will never sell’: Metaplanet stands firm as Bitcoin losses top $1.2B

Simon Gerovich, the CEO of Japan-based Bitcoin treasury firm Metaplanet, has acknowledged that the ongoing crypto rout has been painful. 

In late 2025, the firm’s stash (35,012 BTC) saw a paper loss of $619 million following the BTC price crash. The unrealized loss has now doubled to over $1.2 billion as of February. 

However, Gerovich assured that the firm has no plan to offload its stash if the crypto winter deepens, adding that, 

“Our strategy remains unchanged. We exist to accumulate Bitcoin and grow Bitcoin per share, which we increased by over 500% in 2025. We will never sell our Bitcoin.”

On Bitcoin’s next direction, Gerovich, like Fidelity and most analysts, was cautiously optimistic of a potential market bottom around $60K. 

“I personally believe Bitcoin may have found a floor around $60,000, though I hold that view with humility. Nobody knows.”

But he maintained that BTC will likely print a new all-time high and slammed critics of Bitcoin treasury firms. 

Bitcoin sees spike in downside bets

In the short term, however, demand for downside protection remained strong, with some eyeing a potential BTC price dip below $60K. 

According to the Options tracking platform, Laevitas, there was a surge in bearish bets, eyeing $58K and $55K in late February and March. 

“Downside protection remains in demand. Over the past few hours: 1864 BTC $58K puts bought for 27FEB26 ($687.72k), 276 BTC $58K puts bought for 6MAR26 ($205.14K). Also, 600 BTC $55K puts bought for 27MAR26 ($551.18K) on Feb 17.”

The above positioning was interesting because the broader put/call ratios were still constructive and leaned bullish.

This underscored that, despite the potential for a rebound, big players remained cautious that another leg down could occur before a true market bottom is formed. 

Even so, Bitfinex analysts noted that whales have scooped up 200,000 BTC in the past 30 days. According to them, the ongoing whale accumulation reinforced their price-range outlook, adding to that, 

“That can stabilise price, but upside is usually slower and range-bound until retail spot demand increases. Confirmation is spot-led continuation, not leverage-led spikes.”

Source: CryptoQuant/Bitfinex 

Final Summary 

• Metaplanet CEO was cautiously optimistic that BTC could bottom out above $60K, adding that the Bitcoin treasury firm won’t sell its BTC holdings. 
• Whales scooped 200K BTC and could drive the sideways structure above $60K, but there was increasing demand for downside protection.