‘Contrary to the Facts’: Simon Gerovich Slams Critics of Metaplanet’s BTC Strategy

Metaplanet’s CEO Simon Gerovich said claims that the firm’s disclosures are insincere are “inflammatory and contrary to the facts.” He added that over the past six months, as volatility increased, the Japanese public company allocated more capital to its income business and sold put options and put spreads, which are actively managed as option positions.

The response follows accusations circulating online questioning Metaplanet’s disclosure practices and use of shareholder funds. The claims state that Bitcoin purchases were not disclosed promptly, including a large purchase made near the September price peak using proceeds from an overseas public offering, followed by a period without updates.

Gerovich’s Defense

In his latest post on X, Gerovich said part of these funds was used to purchase Bitcoin for long-term holding, and that these purchases were disclosed at the time they were made. The exec added that all BTC addresses are publicly available and can be viewed through a live dashboard, which allows shareholders to check holdings in real time. He went on to assert that Metaplanet is one of the most transparent listed companies in the world.

Metaplanet made four purchases during September and announced all of them promptly. While the month was a local peak, Gerovich stated that the company’s strategy is not about timing the market, maintaining that the focus is to accumulate Bitcoin long-term and systematically, and that every purchase is disclosed regardless of price.

On options trading, Gerovich noted the criticism stemmed from a misunderstanding of the financial statements. He said selling put options is not a bet on BTC’s price rising, but a way to acquire Bitcoin at a cost lower than the spot price through premium income. He explained that this strategy reduced effective acquisition costs in the fourth quarter. He revealed that Bitcoin per share, the company’s primary key performance indicator, increased by more than 500% in 2025.

Financial Statements And Borrowings

On financial results, Gerovich clarified that net profit is not an appropriate metric for evaluating a Bitcoin treasury company. He pointed to the operating profit of 6.2 billion yen, which indicates a growth of 1,694% year over year. According to the exec, the ordinary loss comes solely from unrealized valuation changes on long-term Bitcoin holdings that the company does not intend to sell.

Three disclosures related to borrowings were made – when the credit facility was established in October, and when funds were drawn down in November and December. Borrowing amounts, collateral details, interest rate structures, purposes, and terms were disclosed. The identity of the lender and specific interest rate levels were not disclosed at the counterparty’s request, despite the terms being favorable to Metaplanet.

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