Metaplanet’s $1.2B Bitcoin Losses and Unyielding Resolve

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One might say that the estimable Mr. Simon Gerovich, proprietor of the Japan-based Bitcoin treasury firm Metaplanet, has been experiencing a period of what might charitably be termed “financial discomfort.”

In the fateful year of 2025, the firm’s hoard of 35,012 BTC suffered a paper loss of $619 million, a sum so vast it could purchase a small island, or at least a very large yacht. By February, this loss had doubled to a staggering $1.2 billion, a figure that would make even the most stoic accountant weep into their tea.

Yet, undeterred by this fiscal tempest, Gerovich assured the masses that Metaplanet would not part with its Bitcoin stash, no matter how fierce the crypto winter howled. “Our strategy remains unchanged,” he declared, “for we exist to accumulate Bitcoin and grow Bitcoin per share, which we increased by over 500% in 2025. We will never sell our Bitcoin.” One might imagine him standing atop a mountain, arms raised like a prophet, while the world below trembled.

As for Bitcoin’s future, Gerovich, ever the optimist, posited that the market might find a floor around $60K. “I personally believe Bitcoin may have found a floor around $60,000,” he mused, “though I hold that view with humility. Nobody knows.” A sentiment as humble as a mouse in a room full of cats.

Yet, despite the gloom, Gerovich maintained that BTC would eventually soar to new heights, and he did not mince words when addressing critics of Bitcoin treasury firms. “Critics,” he said, “are as common as dandelions in a field-unwanted, persistent, and utterly unimpressive.”

Bitcoin Sees Spike in Downside Bets

Meanwhile, the market’s appetite for downside protection remained as voracious as a man at a buffet. Some speculated that Bitcoin might dip below $60K, a prospect that sent shivers down the spines of even the bravest investors.

According to the enigmatic Laevitas, there was a surge in bearish bets, with traders eyeing $58K and $55K like a cat fixated on a laser dot. “Downside protection remains in demand,” they noted, “with 1864 BTC $58K puts bought for 27FEB26, 276 BTC $58K puts for 6MAR26, and 600 BTC $55K puts for 27MAR26. A veritable feast of pessimism.”

The put/call ratios, however, remained cautiously optimistic, as if the market were a man who had just stubbed his toe but refused to admit it. “Despite the potential for a rebound,” the analysts mused, “big players remain as cautious as a cat in a room full of rocking chairs.”

Even so, Bitfinex analysts observed that whales had gobbled up 200,000 BTC in the past 30 days, a move that might stabilize the price but would likely do so with the speed of a snail on a treadmill. “Confirmation is spot-led continuation, not leverage-led spikes,” they concluded, a statement as clear as a foggy morning.

Final Summary

  • The estimable Mr. Gerovich expressed cautious optimism that BTC could bottom out above $60K, adding that the Bitcoin treasury firm won’t sell its BTC holdings. A decision as steadfast as a well-tied cravat.
  • Whales, those enigmatic creatures of the crypto sea, have scooped up 200K BTC, potentially stabilizing the price but with the urgency of a sloth in a race. Meanwhile, demand for downside protection remains as robust as a well-stocked pantry during a siege.

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2026-02-20 13:11