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 BTC
The company has set clear milestones:
100,000 BTC by the end of 2026
210,000 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.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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Filed under: Bitcoin - @ February 20, 2026 11:21 am