Simon Gerovich, the CEO of Japanese Bitcoin treasury company Metaplanet, has publicly rejected accusations that the firm misled investors regarding its Bitcoin strategy and disclosure practices. In a lengthy post on X, he described the claims as inaccurate, misleading, and stemming from misinterpretations of the company’s financial reports.
Anonymous Critics Allege ‘Most Dishonest’ Behavior
The controversy erupted after anonymous social media accounts accused Metaplanet of delaying or obscuring key information about large Bitcoin acquisitions, derivatives trading, and borrowings funded with shareholder capital. “First, the most dishonest thing is that they don’t announce BTC purchases right away, even though they’re buying with shareholders’ money,” one critic wrote. Another said the company “keeps using every trick in the book to deceive people and think only about how to extract as much as possible from shareholders.”
CEO Fires Back: Full Transparency
Gerovich countered point by point. He stated that all Bitcoin purchases, options strategies, and borrowing activities were disclosed in a timely manner consistent with regulatory obligations. He highlighted the company’s public dashboard, which allows shareholders to track wallet addresses and transaction details in real time. “It is easy for anonymous critics to post claims and stir debates without accountability,” Gerovich wrote. “I take full responsibility for every statement I make and every action Metaplanet undertakes. Our reporting has always been consistent with disclosure obligations.”
September Buys: Systematic Accumulation, Not Timing
Critics targeted four Bitcoin purchases made in September 2025, calling them poorly timed or inadequately disclosed. Gerovich affirmed each purchase was publicly reported and recorded, aligning with the company’s long-term strategy of systematic accumulation rather than short-term speculation. He also defended the use of put options and spreads, clarifying that these strategies are designed to reduce the effective cost of acquiring Bitcoin and generate income for shareholders, not to gamble on market moves.
Net Loss Reflects Accounting, Not Mismanagement
Metaplanet reported a significant net loss for fiscal 2025, driven primarily by unrealized valuation adjustments on its Bitcoin holdings. Gerovich countered that such losses reflect accounting treatments rather than operational mismanagement, noting that revenue and operating profits from Bitcoin activities increased during the same period, underscoring underlying performance.
Borrowing Terms Disclosed, Lender Identity Withheld
Addressing concerns about borrowing practices, Gerovich said the company had disclosed the existence and terms of its credit facility to investors. While specific lender identities and interest rates were omitted at the counterparty’s request, he assured all borrowings were conducted transparently and in compliance with regulations.