Metaplent CEO Simon Gerovich recently took to X to stress that his company will be “Bitcoin first” and “Bitcoin only.” “Our singular focus right now is to accumulate as much Bitcoin as possible,” he stressed.
Gerovich recently told the Financial Times that the goal is to buy enough BTC to reach “escape velocity,” making it extremely challenging for other players to catch up.
Notably, Gerovich also spoke about “phase two” of this strategy, which involves accumulating as much Bitcoin as possible. During that phase, they would be able to borrow against its Bitcoin holdings in order to make acquisitions, including a regional Japanese bank.
Gerovich believes that “phase two” will take place three or five years from now. There will be “massive” adoption around the globe, with the BTC price potentially reaching from $1 million to $5 million per coin. “In phase two, people will be able to use this pristine balance sheet of Bitcoin,” he said. However, it remains to be seen when major banking institutions will be on board with Bitcoin custody.
James Chanos, a prominent Strategy short-seller, believes that Gerovich has seemingly walked back “phase two” of the strategy a day later based on his recent statement after it attracted some backlash from the conservative faction of the Bitcoin community.
Earlier, Gerovich urged Chanos to bet against his company as well.
Metaplanet is currently the fifth-largest Bitcoin holder with a total of 15,555 BTC.
As reported by U.Today, the company plans to grow its Bitcoin coffers to 100,000 coins by the end of 2026.