Metaplanet CEO Simon Gerovich has pushed back against allegations from what he called “anonymous accounts” that the company misled investors about its bitcoin strategy and disclosures.
Critics of X have 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 loans.
In a detailed X post on Friday, Gerovich argued that Metaplanet promptly reported all Bitcoin purchases, option strategies and loans, and that critics were misreading its financial statements rather than uncovering misconduct.
September purchases and disclosures
Gerovich said Metaplanet made four purchases of bitcoin in September 2025 and announced each one “immediately,” rejecting claims that the company had secretly bought at the local peak without disclosure.
Related: MetaPlanet Sticks to Plan to Buy Bitcoin as Crypto Sentiment Hits 2022 Lows
MetaPlanet’s real-time public dashboard confirms the purchases, showing it bought 1,009 BTC on September 1, 136 BTC on September 8, 5,419 BTC on September 22 and 5,268 BTC on September 30, 2025.
Purchases are also reflected on the public tracker Bitcointreasuries.net, along with public announcements and/or financial statements.
Gerovich also emphasized that the sale of put options and put spreads was designed to capture the bottom of BTC and monetize volatility for shareholders, rather than gambling on short-term price moves.
Measuring performance with different metrics
Metaplanet’s CEO also contested the use of net profit as a measure for the Bitcoin treasury company, pointing instead to increased revenue and operating profit from Bitcoin-related activities, particularly options income.
Metaplanet on Monday reported fiscal 2025 revenue of 8.9 billion Japanese yen (about $58 million), up about 738% year-over-year, even as it posted a net loss of about $680 million due to a sharp decline in the value of its Bitcoin holdings.
Treating these non-cash losses as evidence of strategic failure misunderstands the accounting treatment of assets, Gerovitch said.
Related: Metaplanet will begin US trading with Deutsche Bank under MPJPY.
They noted that Metaplanet established the credit facility in October 2025 and disclosed the resulting drawdowns in November and December, including the loan amount, collateral, structure and broad interest terms, all of which can be found on Metaplanet’s disclosures page.
Girovich said the lender’s identity and exact rates were withheld at the counterparty’s request.
Finally, he argued that borrowing conditions were favorable for Metaplanet and that the company’s balance sheet remained solid despite the lack of bitcoin.
Widespread Backlash Against BTC Treasury Plays
Girovich’s defense comes as other listed bitcoin treasuries face scrutiny for the sustainability and risk of their bitcoin-heavy treasury models.
Strategy, the largest corporate holder of BTC, reported a $12.4 billion net loss in the fourth quarter of 2025 as bitcoin fell 22% during the period, although it emphasized a “stronger and more flexible” capital structure and an “indefinite” Bitcoin time horizon.
Cointelegraph reached out to Metaplanet for additional comment, but had not received a response by publication.
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