Overview
- Metaplanet pledges to keep accumulating and not sell its Bitcoin, highlighting a more than 500% increase in bitcoin-per-share in 2025 as its primary KPI.
- The company reports holdings of about 35,102 BTC, with third-party trackers citing unrealized losses exceeding $1.2 billion as prices fell.
- Gerovich defends selling put options and put spreads as a volatility income strategy that lowers effective acquisition costs rather than a directional price bet.
- Management says credit facilities, drawdowns, and collateral terms were disclosed, while lender identities and exact rates were withheld at counterparties’ requests.
- A late‑January third‑party placement and fixed‑strike warrants target roughly $137 million to fund staged purchases, supporting goals of 100,000 BTC by end‑2026 and about 210,000 BTC by 2027.