In a forceful rebuttal, Metaplanet CEO Simon Gerovich has pushed back against claims from anonymous sources on X that the company misled investors about its Bitcoin (BTC) strategy and disclosures. Critics have argued that Metaplanet delayed or withheld price-sensitive information about large Bitcoin purchases and options trades, obscured losses from its derivatives strategy, and failed to fully disclose key terms of its BTC-backed borrowings. However, Gerovich maintains that these accusations are based on a misunderstanding of the company’s financial statements and a misinterpretation of its strategies.
September Buys and Disclosures
Gerovich specifically addressed the September 2025 Bitcoin purchases, asserting that Metaplanet promptly reported each transaction. The company’s real-time public dashboard and Bitcointreasuries.net confirm the purchases: 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. Gerovich emphasized that these buys were transparent and that the company did not secretly purchase Bitcoin at local peaks without disclosure.
Strategic Intent and Performance Metrics
Gerovich also defended Metaplanet’s use of selling put options and put spreads, explaining that the strategy was designed to acquire Bitcoin at a lower cost and monetize volatility for shareholders, rather than to speculate on short-term price movements. He criticized the use of net profit as a primary metric for evaluating a Bitcoin treasury company, pointing instead to the significant increase in 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), up 738% year-on-year, despite a net loss of about $680 million due to the decline in Bitcoin’s value. Gerovich argued that treating these non-cash losses as evidence of strategic failure misunderstands the accounting treatment of such assets.
Credit Facility and Borrowing Conditions
Gerovich further clarified that Metaplanet 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. The lender’s identity and exact rates were withheld at the counterparty’s request, he said, but the borrowing conditions were favorable for Metaplanet, and the company’s balance sheet remains solid.
Broader Scrutiny of Bitcoin Treasury Models
Gerovich’s defense comes at a time when other listed Bitcoin treasury plays are facing scrutiny over the sustainability and risk of their Bitcoin-heavy models. For instance, Strategy, the largest corporate holder of BTC, reported a $12.4 billion net loss in the fourth quarter of 2025 as Bitcoin’s price fell by 22%. Despite this, Strategy emphasized its strong capital structure and long-term commitment to Bitcoin.
Gerovich’s detailed response underscores the ongoing debate within the crypto community about the transparency and accountability of companies holding significant Bitcoin reserves. As the market continues to evolve, the scrutiny is likely to intensify, pushing companies like Metaplanet to be more transparent and strategic in their communications with investors.
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