Metaplanet CEO Simon Gerovich has announced the company's commitment to focusing solely on Bitcoin, with plans to significantly increase its reserves.
'Bitcoin First' Strategy
Simon Gerovich stated that Metaplanet will adopt a 'Bitcoin first' and 'Bitcoin only' strategy. 'Our singular focus right now is to accumulate as much Bitcoin as possible,' he stressed.
Phase Two of the Strategy
Gerovich informed the Financial Times about 'phase two' of his strategy, which involves using Bitcoin holdings as collateral for acquisitions, including a potential purchase of a regional Japanese bank. He believes this phase will occur in three to five years with 'massive' adoption, projecting Bitcoin prices to rise to between $1 million and $5 million.
Industry Reaction to Statements
Notable short-seller James Chanos expressed that Gerovich seemingly backtracked on his comments regarding 'phase two' due to backlash from Bitcoin’s conservative community. Earlier, Gerovich challenged Chanos to bet against his company.
Metaplanet remains one of the largest Bitcoin holders, currently possessing 15,555 BTC, with plans to reach 100,000 BTC by the end of 2026.
