Key Insights:
- Metaplanet stock surged after leadership reaffirmed its Bitcoin-only accumulation strategy.
- CEO Simon Gerovich dismissed claims of pivoting to risky yield plays.
- The firm continues using derivatives strategically to stack more BTC at lower prices.
Bitcoin investors caught a quick green candle on Friday as Metaplanet stock pumped over 3% intraday after CEO Simon Gerovich dropped a no-paper-hands defense on X. Critics claimed the company abandoned pure BTC holding for yield plays amid volatility, but Gerovich has shut down those claims.
Following in the footsteps of Strategy’s Michael Saylor, Gerovich posted directly to shareholders on X, admitting the ride has been rough but the “strategy remains unchanged.”
According to Gerovich, the core plan stays simple. The company will continue to accumulate Bitcoin, grow its BTC per share, and focus on a long-term HODL strategy. Metaplanet has already boosted BTC per share by over 500% in 2025.
Gerovich called out anonymous allegations claiming that the firm shifted capital heavily into yield strategies like selling put options and spreads. He explained that derivatives have remained a core tool to buy more BTC at lower prices during volatile times, and that all moves have been disclosed and all risk-managed.
That said, Gerovich expressed optimism about Bitcoin’s future and noted that BTC “may have found a floor around $60,000.” This was in line with data from CryptoQuant, which shows Bitcoin MVRV has dropped to 1.2.
When the MVRV ratio falls below 1, it typically signals oversold conditions, and bottom ranges usually happen at such levels.
Historically, when the market gets close to this bottom threshold, it has often marked compelling risk-reward for longer-horizon buyers. Market watchers have noted that if Bitcoin reached this cycle’s prior all-time high more than three times faster than before.
The downturn could also resolve faster. Hence, the winter could also pass with significant haste.
Gerovich still believes BTC will hit “dramatically higher” prices than where it currently is today. He also noted that Metaplanet will stick to its BTC accumulation strategy and “reward those who believe in this strategy for the long term.”
Markets reacted fast to Gerovich’s post. Metaplanet stock rallied within hours, opening around ¥306 and spiking to ¥324, an over 4% move from the previous close near ¥310.
The stock retraced slightly at the time of writing and traded at ¥319, which was still higher than the previous close.
Despite the strong start today, premier global financial services firm, Cantor Fitzgerald, cut its Metaplanet stock price target on Bitcoin holdings from $6 to $3 on February 18, when the price was at $2.77.
The weak price prediction likely came from InvestingPro data that showed the company had weak gross profit margins. This poses a significant challenge as it builds its Bitcoin operations.
The recent positive price performance showed that Cantor Fitzgerald’s prediction may have been miscalculated. Metaplanet added 4,280 BTC ($2.35 billion) to its treasury in Q4 2025. The stock rose over 75% in the last 6 months, displaying incredible resilience.
Derivatives Play is Just for Cheaper BTC Buys
Gerovich is still focused on accumulating 100,000 BTC by the end of Metaplanet’s 2026 fiscal year and 210,000 by fiscal 2027, and his X posts reiterate the same.
Gerovich said Metaplanet only uses Options to sell puts and spreads to harvest volatility for a lower cost basis on BTC buys. In layman’s terms, he shorts BTC on options and uses the profits to buy Bitcoin at lower prices.
The Options are not directional bets, just systematic stacking. Profits fund more long-term holds, and shareholders win when BTC per share keeps climbing.