Interesting developments continue to unfold in corporate strategies related to Bitcoin. MetaPlanet, a Tokyo-listed company, and its CEO, Simon Gerovitch, recently directly responded to criticisms of the company’s Bitcoin strategy.

Gerovitch’s argument remains consistent. He says that option strategies—especially generating premium income by selling put options—are not just a simple bet on Bitcoin’s price rising, but a more sophisticated tactic. He explains that the goal of this approach is to reduce the effective purchase cost and to monetize market volatility.

What’s interesting is that Gerovitch has shown an attitude of taking public responsibility for anonymous critics. “I have no hesitation in publicly taking responsibility for everything I say and for Metaplanet’s actions,” he said, and regarding transparency, he also claims it is “one of the most transparent listed companies in the world.” He points to real-time wallet disclosures and regular purchase announcements, and when it comes to market timing, he also admits that “September was a local peak.”

The company’s current position is currently valued at 307 yen per share, and it holds 35,102 BTC. Bitcoin itself is currently hovering around $72,690, and the percentage decline from its all-time high is fluctuating.

By the way, there is another example worth noting regarding a Bitcoin holdings strategy. In October 2024, Bhutan sold about 70 percent of the roughly 13,000 Bitcoin it had held, reducing its holdings to around 3,954 BTC. It is believed to be slowing down its mining business that uses hydropower, and at least for more than 1 year there has been no inflow of new capital.

This contrast is intriguing. While there are companies like MetaPlanet that keep strengthening their Bitcoin strategies, national players like Bhutan are pulling back due to deteriorating profitability. The reality is that rising mining difficulty and price pressure are increasing the financial burden on smaller players.

Whether Simon Gerovitch’s strategy will work depends on future Bitcoin price movements and the market environment, but at least from a tactical standpoint, some ingenuity can be seen. How the market evaluates it is another matter.