Metaplanet CEO Defends Bitcoin Strategy Amidst Investor Accusations

Metaplanet CEO Simon Gerovich has strongly refuted allegations from what he described as "anonymous accounts" that the company misled investors regarding its Bitcoin strategy and disclosures. These criticisms, predominantly voiced on the social media platform X, accuse Metaplanet of intentionally delaying or withholding price-sensitive information concerning significant Bitcoin (BTC) purchases and the execution of options trades financed by shareholder capital. Furthermore, critics claim the company obscured losses stemming from its derivatives strategy and failed to provide complete transparency on the key terms of its Bitcoin-backed borrowings.

In a comprehensive response posted on X on Friday, Gerovich asserted that Metaplanet had consistently and promptly reported all Bitcoin acquisitions, its options trading strategies, and all borrowing activities. He argued that the accusations were the result of misinterpretations of the company’s financial statements by critics, rather than evidence of any misconduct.

September Bitcoin Acquisitions and Disclosure Practices

Gerovich specifically addressed claims concerning Metaplanet’s Bitcoin purchases in September 2025. He stated that the company executed four separate Bitcoin purchases during that month and provided prompt announcements for each. This directly refutes allegations that Metaplanet engaged in covert acquisitions at the peak of the market without proper disclosure.

Supporting Gerovich’s defense, Metaplanet’s real-time public dashboard provides corroboration of these transactions. The dashboard indicates that the company acquired 1,009 BTC on September 1, 2025, followed by 136 BTC on September 8, 5,419 BTC on September 22, and a substantial 5,268 BTC on September 30, 2025. These figures are also reflected on the public tracker Bitcointreasuries.net, which lists the corresponding public announcements and/or financial statements for these transactions. A visual representation of a Metaplanet announcement regarding a BTC purchase further reinforces the claim of timely disclosure.

Beyond just purchases, Gerovich emphasized the strategic intent behind selling put options and put spreads. He clarified that these activities were designed not as speculative gambles on short-term price fluctuations, but rather as a mechanism to acquire Bitcoin at a price below the prevailing spot rate and to generate income from market volatility for the benefit of shareholders.

Re-evaluating Performance Metrics for Bitcoin Treasuries

The Metaplanet CEO also contested the conventional use of net profit as the primary metric for evaluating the performance of a Bitcoin treasury company. He advocated for a more nuanced approach, highlighting the company’s significant growth in revenue and operating profit derived from its Bitcoin-related activities, with a particular emphasis on the income generated from its options strategies.

In its recently released financial results, Metaplanet reported a fiscal year 2025 revenue of 8.9 billion Japanese yen, which equates to approximately $58 million USD. This represents a substantial year-over-year increase of roughly 738%. Despite this revenue surge, the company recorded a net loss of approximately $680 million. Gerovich attributed this net loss primarily to the accounting treatment of its Bitcoin holdings, which experienced a significant price depreciation during the period. He argued that classifying these non-cash losses as indicative of strategic failure fundamentally misunderstands the accounting conventions applied to assets whose value fluctuates.

Metaplanet also addressed its borrowing activities. Gerovich confirmed that the company established a credit facility in October 2025 and subsequently disclosed drawdowns in November and December of the same year. These disclosures, available on Metaplanet’s dedicated disclosures page for shareholders, included details on the borrowing amounts, the collateral used, the structure of the facility, and broad terms related to interest. While the identity of the lending institution and the precise interest rates were withheld, Gerovich stated this was done at the counterparty’s explicit request. He maintained that the borrowing conditions were favorable to Metaplanet and that the company’s balance sheet remained robust despite the valuation decline of its Bitcoin holdings.

Broader Scrutiny of Bitcoin Treasury Models

Gerovich’s defense comes at a time when other publicly listed companies that have adopted Bitcoin treasury strategies are also facing increased scrutiny. Concerns are being raised about the long-term sustainability and inherent risks associated with treasury models heavily reliant on Bitcoin holdings.

Strategy, recognized as the largest corporate holder of Bitcoin, recently reported a substantial net loss of $12.4 billion in the fourth quarter of 2025. This loss was directly linked to a 22% decline in Bitcoin’s price during that quarter. However, the company emphasized that its capital structure had become "stronger and more resilient" and reiterated its commitment to an "indefinite" investment horizon for its Bitcoin holdings.

Cointelegraph reached out to Metaplanet for further comment on these developments but had not received a response by the time of publication. The ongoing discussions and debates surrounding the financial reporting and strategic execution of Bitcoin treasury companies underscore the evolving landscape of corporate digital asset adoption and the need for clear and transparent communication with investors.