Metaplanet CEO Simon Gerovich has vehemently denied accusations from anonymous critics on X, stating that the company has been transparent about its Bitcoin (BTC) trades and financial disclosures.
In a detailed post on X, Gerovich addressed claims 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 terms of its BTC-backed borrowings. ‘These allegations are baseless and stem from a misunderstanding of our financial statements,’ Gerovich said.
September Buys and Disclosures
Gerovich emphasized that Metaplanet promptly reported all Bitcoin purchases, option strategies, and borrowings. The company’s real-time public dashboard corroborates the purchases, showing acquisitions of 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. These transactions are also reflected on public tracker Bitcointreasuries.net, along with public announcements and financial statements.
Measuring Performance by Different Metrics
Gerovich 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 (around $58 million), up 738% year-on-year, despite a net loss of about $680 million due to the sharp decrease in Bitcoin’s price. ‘Treating those non-cash losses as evidence of strategic failure misunderstands the accounting treatment of assets,’ Gerovich said.
Borrowing Conditions and Transparency
Gerovich noted that Metaplanet 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. The lender’s identity and exact rates were withheld at the counterparty’s request. ‘These borrowing conditions were favorable for Metaplanet, and our balance sheet remains solid despite Bitcoin’s drawdown,’ Gerovich added.
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 models. Strategy, the largest corporate holder of BTC, reported a $12.4 billion net loss in the fourth quarter of 2025 as Bitcoin fell around 22% over the period. However, the company emphasized a ‘stronger and more resilient’ capital structure and an ‘indefinite’ Bitcoin time horizon.
As the crypto market continues to navigate regulatory and market challenges, the transparency and strategic clarity of companies like Metaplanet will be crucial. Gerovich’s detailed rebuttal highlights the importance of understanding the unique financial metrics and accounting practices in the Bitcoin treasury space. Moving forward, the industry must continue to foster transparency and accountability to build trust with investors and the broader financial community.
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