Metaplanet CEO Simon Gerovich has defended the company's Bitcoin options strategy following a $619 million net loss for FY2025, largely due to a $665.8 million mark-to-market valuation adjustment on its Bitcoin holdings. Gerovich emphasized that all Bitcoin purchases were disclosed in real-time and that the company uses put-option sales to lower acquisition costs and earn premiums. Despite criticism, he maintained that the strategy is focused on systematic accumulation rather than short-term trading. Metaplanet, which held 35,102 BTC by the end of FY2025, aims to increase its holdings to 175,000 BTC by 2027. The company reported an equity ratio of 90.7% and assured that its balance sheet remains robust even if Bitcoin prices fall significantly. Bitcoin's recent price drop to around $67,000 has intensified scrutiny on firms with Bitcoin treasury models, with Metaplanet's shares down 85% from their 2025 high. Gerovich also addressed concerns about Metaplanet's non-crypto operations, asserting that its hotel business remains profitable. He dismissed claims of delayed disclosures and defended the company's borrowing terms and shareholder fund usage, stating that Bitcoin remains a permanent reserve asset for Metaplanet.