Metaplanet CEO Simon Gerovich has pushed back against growing criticism of the company's Bitcoin treasury strategy and disclosure practices. Anonymous accounts on Gerovich rejected these claims, arguing that the company's statements and public announcements clearly document its activities.
In brief
- Gerovich claims that all September Bitcoin purchases were disclosed on their execution date.
- The options strategy aimed to generate a premium and acquire BTC below spot prices.
- Fiscal 2025 revenue increased 738%, but a paper loss of $680 million impacted results.
- The terms of the credit facility were disclosed, the identity of the lender was withheld upon request.
Gerovich: Unrealized Bitcoin Losses Do Not Reflect Operational Weakness
In a post on X, Gerovich said Metaplanet disclosed all Bitcoin purchases, options trades and credit arrangements in a timely manner. He argued that critics had misinterpreted the company's accounting disclosures rather than finding evidence of misconduct.
Much of the attention is focused on Bitcoin acquisitions made in September 2025. According to Gerovich, Metaplanet made four separate purchases during the month and announced each of them on the day they were executed.
THE company records show acquisitions of 1,009 BTC on September 1, 136 BTC on September 8, 5,419 BTC on September 22, and 5,268 BTC on September 30. These transactions are reflected both in official disclosures and on public cash trackers, including Bitcointreasuries.net, as well as on the company's real-time dashboard.
Some critics have argued that the company has been silently hoarding Bitcoins near a local market top. Gerovich rejected that characterization, saying the purchases were visible on multiple public channels and fully disclosed at the time.
Gerovich said the company's strategy of selling puts and put spreads was intended to generate premium income while positioning Metaplanet to acquire Bitcoin below prevailing spot prices. He stressed that the approach was structured and long-term, not short-term speculation. The aim, he said, was to improve entry levels and increase shareholder returns over time.
The debate intensified after the company's latest financial results. For fiscal 2025, Metaplanet reported revenue of 8.9 billion yen (approximately $58 million), an increase of 738% year-over-year.
However, the company also recorded a net loss of around $680 million, mainly due to a decline in the market value of its Bitcoin holdings. Gerovich stressed that these were unrealized, non-cash losses recorded under accounting rules and should not be interpreted as an operational weakness.
Metaplanet claims credit terms were disclosed despite non-disclosure of lender's identity
In his response, Gerovich made several key points:
- All September Bitcoin purchases were publicly announced on the day they were executed.
- The options strategies were intended to generate premium income and facilitate the acquisition of Bitcoin below market prices.
- The credit facility structures, terms of guarantees and amounts borrowed were disclosed in regulatory filings.
- The identity of the lender and the exact interest rate were withheld at the request of the counterparty.
The company established its credit facility in October 2025, with disbursements disclosed in November and December. The filings detailed the amounts borrowed, collateral arrangements and terms and conditions of interest. Although the name of the lender and the precise rate were not made public, Gerovich said the omission did not obscure the financial implications of the arrangement.
The pressure on Metaplanet reflects broader strain affecting the treasuries of Bitcoin-focused companies. Strategy, the largest physical holder of BTC, reported a net loss of $12.4 billion in the fourth quarter of 2025 after Bitcoin fell 22% during the period. Despite this decline, Strategy reaffirmed its long-term commitment to its Bitcoin-centric balance sheet.
As volatility continues to test companies with heavy exposure to Bitcoin, Gerovich maintains that Metaplanet's capital position remains stable. Short-term market fluctuations, he said, do not change the company's long-term cash flow strategy.
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