Metaplanet CEO Defends ‘Transparent’ Bitcoin Strategy

Metaplanet CEO Simon Gerovich pushed back against accusations from what he called “anonymous accounts” that the company misled investors about its Bitcoin strategy and disclosures.

Critics on X have argued that Metaplanet delayed or withheld price‑sensitive information about large Bitcoin (BTC) purchases and options trades funded with shareholder capital, obscured losses from its derivatives strategy and failed to fully disclose key terms of its BTC‑backed borrowings.

In a detailed X post on Friday, Gerovich argued that Metaplanet promptly reported all Bitcoin purchases, option strategies and borrowings, and that critics were misreading its financial statements rather than uncovering misconduct.

September buys and disclosures

Gerovich said that Metaplanet made four Bitcoin purchases in September 2025 and “promptly announced” each, rejecting claims that the company secretly bought at the local peak without disclosure. 

Related: Metaplanet sticks to Bitcoin buying plan as crypto sentiment hits 2022 lows

Metaplanet’s real-time public dashboard corroborates the buys, showing it purchased 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 purchases are also reflected on public tracker Bitcointreasuries.net, along with the public announcements and/or financial statements.

Gerovich also stressed that selling put options and put spreads was designed to acquire BTC below spot and monetize volatility for shareholders rather than to gamble on short‑term price moves.

Measuring performance by different metrics

The Metaplanet CEO also contested the use of net profit as a yardstick for a Bitcoin treasury company, pointing instead to soaring revenue and operating profit from Bitcoin‑related activities, especially options income. 

Metaplanet reported fiscal 2025 revenue of 8.9 billion Japanese yen (about $58 million) on Monday, up roughly 738% year‑on‑year, even while booking a net loss of about $680 million due to the sharp decrease in price of its Bitcoin holdings. 

Gerovich said that treating those non‑cash losses as evidence of strategic failure misunderstood the accounting treatment of assets.

Related: Metaplanet to debut US trading with Deutsche Bank under MPJPY

He noted that Metaplanet had established a credit facility in October 2025 and disclosed subsequent drawdowns in November and December, including information on borrowing amounts, collateral, structure and broad interest terms, all viewable on Metaplanet’s disclosures page.

The lender’s identity and exact rates were withheld, Gerovich said, at the counterparty’s request. 

Finally, he argued that the borrowing conditions were favorable for Metaplanet and that the company’s balance sheet remained solid despite Bitcoin’s drawdown.

Wider backlash against BTC treasury plays

Gerovich’s defense comes as other listed Bitcoin treasury plays face scrutiny over the sustainability and risk of their Bitcoin‑heavy treasury model.

Strategy, the largest corporate holder of BTC, reported a $12.4 billion net loss in the fourth quarter of 2025 as Bitcoin fell 22% over the period, although it emphasized a “stronger and more resilient” capital structure and an “indefinite” Bitcoin time horizon. 

Cointelegraph reached out to Metaplanet for additional comment, but had not received a response by publication.

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