BlockBeats News, September 19th. Simon Gerovich, CEO of the Japanese Bitcoin Treasury Company Metaplanet, responded to the recent poor performance of the company’s stock price on the X platform. He stated:
1. The disclosure of the Bitcoin purchase window from September to October was only because the company needed to define a regulatory window, but it is not a hard deadline for execution. The purchase of Bitcoin will prioritize speed while considering market impact and balancing three factors: maximizing BTC revenue, minimizing market impact on Bitcoin price, and optimizing Bitcoin revenue streams.
2. Short-selling stocks and using stock issuance to replenish is illegal. Every broker in Japan has explicitly stated this. The 30% drop in Metaplanet’s stock price clearly was not planned or desired by the company, and it is not possible to publicly speculate on specific market activities.
3. A significant portion of the funds Metaplanet has engaged with come from institutional investors that are long-only.
4. If the mNAV drops below 1x, it will have a negative impact on Metaplanet’s Bitcoin yield. At that time, solutions such as evaluating preferred stock issuance and potentially conducting stock buybacks will be considered. (Note: mNAV is the ratio of market value to net asset value)
