Metaplanet Chief Executive Simon Gerovich has rejected accusations that the company is opaque about its Bitcoin strategy, saying claims about hidden purchases and concealed losses are inaccurate. He said every Bitcoin acquisition has been announced and that the firm operates a public dashboard showing wallet addresses and holdings in real time.
The response followed an anonymous post on X that accused Metaplanet of buying Bitcoin near market highs with shareholder money while failing to fully disclose losses and key financial details. In a detailed public statement, Gerovich said the criticism overlooked information that shareholders could already access.
Disclosure of purchases and on-chain holdings at the center of the dispute
Gerovich said Metaplanet has consistently disclosed its BTC purchases at the time they were made. He pointed to four Bitcoin purchases in September that were announced promptly, even though prices were close to local highs then. The company, he said, is not trying to time short-term market swings and remains focused on long-term accumulation.
He added that the firm’s public dashboard displays both holdings and wallet addresses. For a listed company built around a Bitcoin treasury strategy, Metaplanet treats this on-chain visibility as part of its broader disclosure framework. His position was clear: the purchases were not hidden.
Put-option strategy framed as a way to lower Bitcoin acquisition costs
Gerovich also defended the company’s options activity. He said selling put options is designed to reduce the effective price paid for Bitcoin by collecting premium income, not to chase short-term trading gains.
He gave an example: selling a put with an $80,000 strike and receiving a $10,000 premium would bring the effective acquisition cost down to $70,000. During volatile periods, he argued, that structure worked in shareholders’ favor. Gerovich also said the strategy helped lift Bitcoin per share by more than 500% in 2025, which he described as the company’s main performance metric.
Why net profit does not tell the full story
On financial reporting, Gerovich argued that net profit is a poor measure for a company centered on Bitcoin treasury holdings because unrealized valuation changes can heavily distort the number. He pointed instead to operating profit, saying it rose sharply year over year and showed that the underlying business remained healthy.
He said reported losses were mainly accounting adjustments tied to long-term Bitcoin holdings that the company does not plan to sell. In his view, those paper revaluations should not be read the same way as realized operating losses.
Borrowing terms, shareholder funding, and non-crypto business lines
Gerovich also addressed concerns over borrowing. He said Metaplanet disclosed its credit facility, drawdowns, and collateral terms when those events occurred. The identity of lenders and the exact interest rates were not published, he said, because counterparties requested confidentiality. He added that the terms were favorable and had been approved under disclosure rules.
On criticism that the company depends only on shareholder funding, Gerovich said he is himself a major shareholder and has invested personal capital in the business. He also pointed to Metaplanet’s hotel business, which he said posted solid revenue and profit in 2025, as evidence that the company still operates outside crypto.
Gerovich said he remains open to direct questions from investors and will keep publishing detailed updates on Metaplanet’s activities. His comments made clear that management is still committed to Bitcoin accumulation as the company’s core strategy.