TechFlow, September 19 — Simon Gerovich, CEO of Japanese Bitcoin treasury firm Metaplanet, addressed recent poor stock performance in a post on X platform, stating:
1. The disclosed Bitcoin purchase window for September to October is merely due to regulatory requirements defining a window period, not a rigid execution timetable. Bitcoin purchases will prioritize speed while considering market impact, balancing three factors: maximizing BTC returns, minimizing market impact on Bitcoin's price, and optimizing the Bitcoin income business.
2. Short-selling stocks and covering with newly issued shares is illegal, and every broker in Japan has clearly stated this. A 30% drop in Metaplanet’s stock price was clearly neither planned nor desired by the company, and specific market activities cannot be publicly speculated upon.
3. A significant portion of funds accessible to Metaplanet comes from long-only institutional investors.
4. An mNAV below 1x would negatively affect Metaplanet’s Bitcoin yield; at that point, options such as issuing preferred shares will be evaluated, and share buybacks may also be considered. (Note: mNAV refers to the ratio of market capitalization to net asset value)
