Metaplanet CEO Simon Gerovich has dismissed accusations from so-called “anonymous accounts” that the company misled investors about its Bitcoin strategy and disclosures.
Critics of X do he argued that Metaplanet delayed or concealed price-sensitive information about vast Bitcoin (BTC) purchases and options trades financed by shareholder equity, concealed losses from its derivatives strategy, and failed to fully disclose key terms of its BTC-collateralized loans.
In detailed X post on Friday, Gerovich argued that Metaplanet promptly reported all Bitcoin purchases, options strategies and loans, and that critics misread its financial statements rather than uncovering misconduct.
September shopping and reveals
Gerovich said Metaplanet made four Bitcoin purchases in September 2025 and “immediately announced” each of them, rejecting claims that the company was secretly buying at the local peak without disclosure.
Related: Metaplanet is sticking to its Bitcoin buying plan as cryptocurrency market sentiment hits a 2022 low
Metaplanet’s real-time public panel confirms purchases, showing purchased 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 in the public tracker Bitcointreasuries.nettogether with public announcements and/or financial reports.
Gerovich also emphasized that the sale of puts and put spreads was intended to acquire BTC below the spot price and monetize volatility for shareholders, rather than relying on short-term price movements.
Measuring performance using various metrics
Metaplanet’s CEO also questioned the exploit of net profit as a metric for the Bitcoin treasury company, pointing instead to skyrocketing revenues and operating profits from its Bitcoin business, especially 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 keen decline in the price of its Bitcoin holdings.
Gerovich said treating these non-cash losses as evidence of strategic failure is a misunderstanding of the accounting treatment of assets.
Related: Metaplanet will debut in US trading with Deutsche Bank as part of MPJPY
He noted that Metaplanet established a credit facility in October 2025 and disclosed subsequent disbursements in November and December, including information on the loan amount, collateral, structure and general interest terms, which can be viewed on the Metaplanet website disclosures side.
Gerovich said the lender’s identity and exact rates were released at the contractor’s request.
Finally, he argued that the loan terms were favorable to Metaplanet and that the company’s balance sheet remained solid despite Bitcoin’s delisting.
Broader opposition to BTC treasury games
Gerovich’s defense comes as other publicly traded bitcoin treasures come under scrutiny over the sustainability and risks of their bitcoin-heavy treasury model.
Strategy, the largest corporate holder of BTC, reported a net loss of $12.4 billion in the fourth quarter of 2025, while Bitcoin’s price fell 22% during the period, although it emphasized Bitcoin’s “stronger and more resilient” capital structure and “indefinite” time horizon.
Cointelegraph reached out to Metaplanet for additional comment but did not receive a response via publication.
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