Metaplanet's Chief Executive Refutes Allegations of Concealing Bitcoin Transaction Information
Simon Gerovich, Metaplanet's Chief Executive Officer, has dismissed allegations suggesting the company provided misleading information to investors regarding its Bitcoin treasury approach and transparency practices, while standing by its options-based treasury framework.
Simon Gerovich, the Chief Executive Officer of Metaplanet, has responded forcefully to allegations coming from what he described as "anonymous accounts" claiming the firm provided misleading disclosures to shareholders regarding its Bitcoin treasury strategy and related financial information.
Detractors posting on the social media platform X contended that Metaplanet either postponed or concealed market-sensitive details concerning substantial Bitcoin (BTC) acquisitions and options trading activities financed through shareholder equity, hid losses resulting from its derivatives approach, and neglected to provide complete disclosure of critical terms associated with its BTC-collateralized debt arrangements.
Through a comprehensive post published on X this past Friday, Gerovich countered that Metaplanet disclosed all Bitcoin acquisitions, options-based strategies, and borrowing arrangements in a timely manner, asserting that critics were misinterpreting the company's financial reporting documents rather than exposing actual wrongdoing.
September buys and disclosures
According to Gerovich, Metaplanet executed four separate Bitcoin acquisition transactions during September 2025 and "promptly announced" every single transaction, dismissing allegations that the firm secretly purchased cryptocurrency at the local market peak without proper disclosure to investors.
The company's publicly accessible real-time dashboard confirms these acquisition transactions, demonstrating that the firm acquired 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 acquisition transactions are additionally documented on the public tracking platform Bitcointreasuries.net, complete with corresponding public announcements and/or official financial disclosure statements.
Gerovich further emphasized that the strategy of selling put options along with put spread combinations was implemented to acquire BTC at prices below current spot market rates and to capitalize on volatility for the benefit of shareholders, rather than engaging in speculative short-term price movement gambling.
Measuring performance by different metrics
The Chief Executive of Metaplanet also challenged the appropriateness of utilizing net profit as a performance measurement tool for a company operating a Bitcoin treasury model, directing attention instead toward dramatically increasing revenue figures and operating profit derived from Bitcoin-centered business activities, particularly income generated from options strategies.
On Monday, Metaplanet disclosed fiscal year 2025 revenue totaling 8.9 billion Japanese yen (approximately $58 million), representing roughly a 738% increase compared to the previous year, despite recording a net loss of approximately $680 million attributed to the substantial decline in the market value of its Bitcoin portfolio.
According to Gerovich, characterizing these non-cash accounting losses as proof of strategic failure demonstrated a fundamental misunderstanding of proper accounting treatment for digital assets.
He pointed out that Metaplanet had successfully established a credit facility arrangement in October 2025 and publicly disclosed subsequent capital drawdowns that occurred in November and December, providing information regarding borrowing volumes, collateral requirements, structural arrangements and general interest rate terms, with all documentation available for review on Metaplanet's official disclosures webpage.
The specific identity of the lending institution and precise interest rate percentages were kept confidential, Gerovich explained, based on the counterparty's explicit request for such information to remain private.
In conclusion, he maintained that the borrowing terms and conditions were advantageous for Metaplanet's interests and that the firm's balance sheet continued to demonstrate strength and stability notwithstanding Bitcoin's recent price correction.
Wider backlash against BTC treasury plays
Gerovich's public defense arrives at a time when other publicly-traded companies pursuing Bitcoin treasury strategies are encountering their own critical examination regarding the long-term sustainability and inherent risks associated with their cryptocurrency-concentrated treasury models.
Strategy, which holds the distinction of being the largest corporate Bitcoin holder, disclosed a $12.4 billion net loss for the fourth quarter of 2025 as Bitcoin's price declined approximately 22% during that reporting period, though the company highlighted what it characterized as a "stronger and more resilient" capital structure alongside an "indefinite" investment time horizon for its Bitcoin holdings.
Cointelegraph contacted Metaplanet requesting further commentary on these matters, but the company had not provided a response as of the time of publication.