Metaplanet CEO Simon Gerovich has directly addressed accusations of misleading investors about the company's Bitcoin strategy and disclosures. Gerovich stated that "anonymous accounts" have unfairly criticized the firm, alleging delayed or withheld price-sensitive information on Bitcoin purchases and options trades, obscured losses from derivatives, and incomplete disclosure of BTC-backed borrowings.
In a recent X post, Gerovich asserted that Metaplanet has consistently reported all Bitcoin purchases, option strategies, and borrowings promptly. He contends that critics are misinterpreting the company's financial statements rather than uncovering misconduct.
Metaplanet confirmed four Bitcoin purchases in September 2025, each announced in real-time. The company's public dashboard corroborates these acquisitions, detailing significant BTC amounts purchased on September 1, 8, 22, and 30, 2025. These transactions are also logged on public tracker Bitcointreasuries.net.
Gerovich explained that selling put options and put spreads was a strategy to acquire BTC below spot price and monetize volatility for shareholders, not a gamble on short-term price movements.
Addressing performance metrics, the CEO argued that net profit is not the sole indicator for a Bitcoin treasury company. He highlighted significant revenue and operating profit from Bitcoin-related activities, particularly options income. Metaplanet reported fiscal 2025 revenue of 8.9 billion Japanese yen (approximately $58 million), a substantial year-on-year increase, despite booking a net loss due to Bitcoin's price decline. Gerovich clarified that these non-cash losses stem from accounting treatments of assets and do not reflect strategic failure.
Furthermore, Metaplanet established a credit facility in October 2025, with subsequent drawdowns disclosed in November and December. Information on borrowing amounts, collateral, structure, and broad interest terms is available on the company's disclosures page. Gerovich noted that the lender's identity and exact rates were withheld at the counterparty's request, emphasizing that borrowing conditions were favorable and the company's balance sheet remains solid.
This defense emerges as other publicly listed Bitcoin treasury companies also face scrutiny regarding the sustainability and risks of their Bitcoin-heavy models.