Metaplanet CEO Simon Gerovich pushed again towards accusations from what he known as “nameless accounts” that the corporate misled buyers about its Bitcoin technique and disclosures.
Critics on X have argued that Metaplanet delayed or withheld worth‑delicate details about giant Bitcoin (BTC) purchases and choices trades funded with shareholder capital, obscured losses from its derivatives technique and failed to completely disclose key phrases of its BTC‑backed borrowings.
In an in depth X publish on Friday, Gerovich argued that Metaplanet promptly reported all Bitcoin purchases, choice methods and borrowings, and that critics had been misreading its monetary statements relatively than uncovering misconduct.
September buys and disclosures
Gerovich stated that Metaplanet made 4 Bitcoin purchases in September 2025 and “promptly introduced” every, rejecting claims that the corporate secretly purchased on the native peak with out disclosure.
Associated: Metaplanet sticks to Bitcoin shopping for plan as crypto sentiment hits 2022 lows
Metaplanet’s real-time public dashboard corroborates the buys, exhibiting it bought 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.
The purchases are additionally mirrored on public tracker Bitcointreasuries.web, together with the general public bulletins and/or monetary statements.
Gerovich additionally careworn that promoting put choices and put spreads was designed to accumulate BTC beneath spot and monetize volatility for shareholders relatively than to gamble on quick‑time period worth strikes.
Measuring efficiency by totally different metrics
The Metaplanet CEO additionally contested the usage of web revenue as a yardstick for a Bitcoin treasury firm, pointing as an alternative to hovering income and working revenue from Bitcoin‑associated actions, particularly choices earnings.
Metaplanet reported fiscal 2025 income of 8.9 billion Japanese yen (about $58 million) on Monday, up roughly 738% 12 months‑on‑12 months, even whereas reserving a web lack of about $680 million as a result of sharp lower in worth of its Bitcoin holdings.
Gerovich stated that treating these non‑money losses as proof of strategic failure misunderstood the accounting remedy of property.
Associated: Metaplanet to debut US buying and selling with Deutsche Financial institution beneath MPJPY
He famous that Metaplanet had established a credit score facility in October 2025 and disclosed subsequent drawdowns in November and December, together with info on borrowing quantities, collateral, construction and broad curiosity phrases, all viewable on Metaplanet’s disclosures web page.
The lender’s id and actual charges had been withheld, Gerovich stated, on the counterparty’s request.
Lastly, he argued that the borrowing situations had been favorable for Metaplanet and that the corporate’s stability sheet remained strong regardless of Bitcoin’s drawdown.
Wider backlash towards BTC treasury performs
Gerovich’s protection comes as different listed Bitcoin treasury performs face scrutiny over the sustainability and threat of their Bitcoin‑heavy treasury mannequin.
Technique, the biggest company holder of BTC, reported a $12.4 billion web loss within the fourth quarter of 2025 as Bitcoin fell 22% over the interval, though it emphasised a “stronger and extra resilient” capital construction and an “indefinite” Bitcoin time horizon.
Cointelegraph reached out to Metaplanet for added remark, however had not acquired a response by publication.
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