Metaplanet CEO Simon Gerovich pushed again in opposition to accusations from what he referred to as “nameless accounts” that the corporate misled traders about its Bitcoin technique and disclosures.
Critics on X have argued that Metaplanet delayed or withheld value‑delicate details about giant Bitcoin (BTC) purchases and choices trades funded with shareholder capital, obscured losses from its derivatives technique and failed to totally disclose key phrases of its BTC‑backed borrowings.
In an in depth X put up on Friday, Gerovich argued that Metaplanet promptly reported all Bitcoin purchases, choice methods and borrowings, and that critics have been misreading its monetary statements slightly 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, displaying 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 confused that promoting put choices and put spreads was designed to amass BTC under spot and monetize volatility for shareholders slightly than to gamble on brief‑time period value strikes.
Measuring efficiency by totally different metrics
The Metaplanet CEO additionally contested using 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 because of the sharp lower in value 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 data on borrowing quantities, collateral, construction and broad curiosity phrases, all viewable on Metaplanet’s disclosures web page.
The lender’s id and precise charges have been withheld, Gerovich stated, on the counterparty’s request.
Lastly, he argued that the borrowing circumstances have been favorable for Metaplanet and that the corporate’s stability sheet remained strong regardless of Bitcoin’s drawdown.
Wider backlash in opposition to 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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