Metaplanet CEO Simon Gerovich has rejected claims that the firm misled investors about its Bitcoin strategy, pushing back against criticism from what he described as “anonymous accounts.”
Detractors on X alleged that Metaplanet delayed or withheld price-sensitive disclosures tied to major Bitcoin purchases and options trades funded by shareholders. They also claimed the company obscured derivatives-related losses and failed to fully detail the terms of its Bitcoin-backed borrowings.
In a lengthy post on Friday, Gerovich said all Bitcoin acquisitions, options strategies and borrowing arrangements were disclosed in a timely manner, arguing that critics were misinterpreting financial statements rather than uncovering wrongdoing.
September purchases detailed
Addressing specific allegations, Gerovich said Metaplanet completed four Bitcoin purchases in September 2025 and “promptly announced” each transaction, dismissing claims the company quietly bought near a local market peak.
According to the firm’s public dashboard, Metaplanet acquired 1,009 BTC on Sept. 1, 136 BTC on Sept. 8, 5,419 BTC on Sept. 22 and 5,268 BTC on Sept. 30, 2025.
The transactions are also reflected on public tracker BitcoinTreasuries.net, alongside corresponding announcements and financial filings, the company said.
Simon Gerovich also defended Metaplanet’s derivatives strategy, saying that selling put options and put spreads was intended to acquire Bitcoin below spot prices and generate volatility income for shareholders — not to speculate on short-term price swings.
Rethinking performance metrics
Gerovich challenged the use of net profit as the primary benchmark for evaluating a Bitcoin treasury company. Instead, he pointed to strong growth in revenue and operating profit from Bitcoin-related activities, particularly options income.
Metaplanet reported fiscal 2025 revenue of 8.9 billion Japanese yen (about $58 million), a roughly 738% year-over-year increase. However, it also posted a net loss of approximately $680 million, largely driven by the decline in the market value of its Bitcoin holdings.
Gerovich argued that interpreting these non-cash mark-to-market losses as a strategic failure reflects a misunderstanding of accounting treatment for digital assets.
He added that the company established a credit facility in October 2025 and disclosed subsequent drawdowns in November and December, including details on borrowing amounts, collateral, structure and broad interest terms, all available through its public filings. The identity of the lender and specific rates were not disclosed, he said, at the counterparty’s request.
Gerovich maintained that the borrowing terms were favorable and that Metaplanet’s balance sheet remains sound despite Bitcoin’s price pullback.
Broader scrutiny of Bitcoin treasury firms
The CEO’s remarks come as other publicly listed Bitcoin treasury companies face increasing scrutiny over the sustainability and risk profile of BTC-heavy balance sheets.
Strategy, the largest corporate holder of Bitcoin, reported a $12.4 billion net loss in the fourth quarter of 2025 as Bitcoin fell roughly 22% during the period. The company nonetheless emphasized what it described as a stronger, more resilient capital structure and reiterated its long-term — or “indefinite” — commitment to holding Bitcoin.
