Metaplanet CEO Simon Gerovich has responded to accusations that the company misled investors on its Bitcoin strategy, stressing that all purchases, options trades, and borrowings were promptly disclosed.
The criticism, primarily from anonymous accounts on social media, alleged that Metaplanet obscured losses and withheld key details of its leveraged Bitcoin positions. Gerovich countered these claims, citing public announcements and dashboard data that confirm the timing and scale of trades executed in September 2025.
Reporting and Strategic Positioning
Gerovich emphasized that the company’s derivatives strategy, including selling put options and spreads, was designed to acquire Bitcoin below spot prices and monetize volatility, rather than pursue short-term speculative gains. He rejected the use of net profit as the sole performance metric, highlighting that fiscal 2025 revenue from Bitcoin-related activities rose to 8.9 billion Japanese yen, a 738% increase year-on-year, despite a net loss of approximately $680 million from asset depreciation.
The CEO also addressed borrowing activity, noting a credit facility established in October 2025, with subsequent drawdowns fully disclosed, including collateral structure and broad interest terms. Details such as lender identity and precise rates were withheld at the counterparty’s request, but Gerovich maintained that the terms were favorable and the company’s balance sheet remains robust.
Industry Context and Market Implications
Metaplanet’s defense comes amid broader scrutiny of listed Bitcoin treasury plays, as volatility in BTC has amplified questions about sustainability and risk management. Similar companies, including Strategy, posted substantial net losses in late 2025 while emphasizing long-term Bitcoin holdings and capital resilience. Gerovich’s statements aim to reinforce investor confidence in Metaplanet’s approach, positioning the company as adhering to transparent disclosure practices and strategically managing risk despite market headwinds.
As institutional and retail investors continue to monitor corporate Bitcoin strategies, the debate over disclosure standards and performance evaluation metrics remains central to the evolving corporate treasury landscape.
