Metaplanet CEO Simon Gerovich has pushed back against accusations from what he described as “anonymous accounts” claiming the company misled investors about its bitcoin strategy and disclosures.
Critics on X alleged Metaplanet delayed price-sensitive information about large bitcoin purchases and options trades, obscured derivatives losses, and failed to fully disclose key terms of its BTC-backed borrowings.
September buys and disclosures
In an X post on Friday, Gerovich said Metaplanet promptly reported all bitcoin purchases, option strategies, and borrowings, arguing critics were misreading financial statements rather than uncovering misconduct.
He said the company made four bitcoin purchases in September 2025 and “promptly announced” each one.
Metaplanet’s dashboard shows purchases 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.
Those holdings are also tracked on the Metaplanet treasury page.
Options strategy and accounting dispute
Gerovich said selling put options and put spreads was intended to acquire BTC below spot and monetize volatility, not to gamble on short-term price moves.
He also disputed using net profit as the main yardstick for a bitcoin treasury company.
Metaplanet reported fiscal 2025 revenue of 8.9 billion yen (about $58 million), up roughly 738% year-on-year, while booking a net loss of about $680 million tied to a sharp decline in the price of its bitcoin holdings.
Credit facility disclosures
Gerovich said Metaplanet established a credit facility in October 2025 and disclosed subsequent drawdowns in November and December, including borrowing amounts, collateral, structure, and broad interest terms.
He said the lender’s identity and exact rates were withheld at the counterparty’s request.
Wider scrutiny of bitcoin treasuries
Gerovich’s comments come as other bitcoin treasury firms face scrutiny.
Strategy, the largest corporate BTC holder, reported a $12.4 billion net loss in Q4 2025 as bitcoin fell around 22% over the period.
