Simon Gerovich, CEO of Metaplanet, reacted to accusations made by what he calls “anonymous accounts” The company has misled investors regarding its Bitcoin strategy, disclosures and other information.
Critics of X argued that Metaplanet delayed or withheld price‑sensitive information about large Bitcoin (BTC) purchases and options trades funded with shareholder capital, obscured losses from its derivatives strategy and failed to fully disclose key terms of its BTC‑backed borrowings.
In a detailed X post Gerovich claimed on Friday that Metaplanet reported promptly all Bitcoin purchases and options strategies, as well as borrowings. He also said that the critics misread its financial reports, rather than uncovering any misconduct.
Buys for September and Disclosures
Gerovich claimed that Metaplanet bought four Bitcoins between September 2025 to October 2025. “promptly announced” Rejecting any claims made that the firm secretly acquired local peak prices without disclosure.
Related: Metaplanet sticks to Bitcoin buying plan as crypto sentiment hits 2022 lows
Metaplanet’s public dashboard in real time confirms the purchases. showing The purchase of 1,009 BTC was made on September 1, followed by 136 BTC, 5,419 BTC and 5,268 BTC for the 30th.
Purchases are also visible on the public tracker Bitcointreasuries.netAlong with public announcements or financial statements.
Gerovich also stressed that selling put options and put spreads was designed to acquire BTC below spot and monetize volatility for shareholders rather than to gamble on short‑term price moves.
Different metrics for measuring performance
The Metaplanet CEO also 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 (about $58 million) on Monday, up roughly 738% year‑on‑year, even while booking a net loss of about $680 million The sharp drop in the price of Bitcoin has caused its holdings to be liquidated.
Gerovich said that treating those non‑cash losses as evidence of strategic failure misunderstood the accounting treatment of assets.
Related: Metaplanet to debut US trading with Deutsche Bank under MPJPY
He said that Metaplanet has established a facility for credit in October of 2025. Subsequent drawdowns were disclosed in November and in December. Information on the borrowing amount, collateral, interest rate, structure, etc., can all be found on Metaplanet’s disclosures page.
Gerovich explained that at the request from counterparties, he withheld both the identity of lender and its exact rate.
Finaly, he said that Metaplanet had favorable borrowing conditions and the balance sheet of the company was still solid even after Bitcoins’ decline.
BTC Treasury Plays: Wider Backlash
Gerovich defends himself as listed Bitcoin treasury plays face scrutiny over the sustainability and risk of their Bitcoin‑heavy treasury model.
Strategy reported that it was the biggest corporate BTC holder. $12.4 billion net loss in the fourth quarter Bitcoin dropped 22% during this period. Although it stressed the importance of a “stronger and more resilient” Capital structure is a term used to describe the capital structures of companies. “indefinite” Bitcoin’s time horizon
Cointelegraph contacted Metaplanet to get a comment on the matter, but did not receive a reply by publication.
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Source: cointelegraph.com
