Metaplanet CEO Defends Bitcoin Strategy Amid Disclosure Scrutiny

Metaplanet CEO Simon Gerovich has pushed back against growing criticism of the company’s Bitcoin treasury strategy and disclosure practices. Anonymous accounts on X alleged that the firm withheld price-sensitive information tied to large Bitcoin purchases, derivatives positions, and Bitcoin-backed borrowings. Gerovich dismissed the claims, arguing that the company’s filings and public announcements clearly document its activities.

Gerovich: Unrealized Bitcoin Losses Do Not Reflect Operational Weakness

In an X post, Gerovich said Metaplanet disclosed all Bitcoin purchases, options transactions, and credit arrangements in a timely manner. He contended that critics misinterpreted the company’s accounting disclosures rather than uncovering evidence of misconduct.

Much of the scrutiny centers on Bitcoin acquisitions made in September 2025. According to Gerovich, Metaplanet completed four separate purchases during the month and announced each one on the day of execution. 

Company records show 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. These transactions are reflected both in official disclosures and on public treasury trackers, including Bitcointreasuries.net, as well as the company’s real-time dashboard.

Some critics argued that the company quietly accumulated Bitcoin near a local market peak. Gerovich rejected that characterization, stating that the purchases were visible across multiple public channels and fully disclosed at the time.

Gerovich said the company’s strategy of selling put options and put spreads was designed to generate premium income while positioning Metaplanet to acquire Bitcoin below prevailing spot prices. He emphasized that the approach was structured and long-term in nature, not short-term speculation. The goal, he said, was to improve entry levels and enhance shareholder returns over time.

The debate intensified following the company’s latest financial results. For fiscal 2025, Metaplanet reported revenue of 8.9 billion yen (approximately $58 million), a 738% year-on-year increase. 

However, the company also recorded a net loss of roughly $680 million, largely driven by a decline in the market value of its Bitcoin holdings. Gerovich stressed that these were unrealized, non-cash losses recorded under accounting rules and should not be interpreted as operational weakness.

Metaplanet Says Credit Terms Disclosed Despite Withheld Lender Identity

In his response, Gerovich highlighted several key points:

• All September Bitcoin purchases were publicly announced on the day they were executed.
• Options strategies were intended to generate premium income and facilitate Bitcoin acquisition below market prices.
• Credit facility structures, collateral terms, and borrowing amounts were disclosed in regulatory filings.
• The lender’s identity and exact interest rate were withheld at the counterparty’s request.

The company established its credit facility in October 2025, with drawdowns disclosed in November and December. Filings detailed borrowing amounts, collateral arrangements, and general interest terms. Although the lender’s name and precise rate were not made public, Gerovich said the omission did not obscure the financial implications of the arrangement.

The pressure facing Metaplanet reflects broader strain across Bitcoin-focused corporate treasuries. Strategy, the largest corporate holder of BTC, reported a $12.4 billion net loss in the fourth quarter of 2025 after Bitcoin fell 22% during the period. Despite the drawdown, Strategy reaffirmed its long-term commitment to its Bitcoin-centric balance sheet.

As volatility continues to test companies with heavy Bitcoin exposure, Gerovich maintains that Metaplanet’s capital position remains stable. Short-term market swings, he said, do not alter the company’s long-term treasury strategy.