Metaplanet CEO Simon Gerovich pushed again in opposition to accusations from what he known as “nameless accounts” that the corporate misled buyers about its Bitcoin technique and disclosures.
Critics on X have argued that Metaplanet delayed or withheld price-sensitive details about giant Bitcoin (BTC) purchases and choices trades funded with shareholder capital, obscured losses from its derivatives technique and failed to totally disclose key phrases of its BTC-backed borrowings.
In an in depth X post on Friday, Gerovich argued that Metaplanet promptly reported all Bitcoin purchases, possibility methods and borrowings, and that critics had been misreading its monetary statements reasonably than uncovering misconduct.
September purchases and disclosures
Gerovich mentioned that Metaplanet made 4 Bitcoin purchases in September 2025 and “promptly introduced” every, rejecting claims that the corporate secretly purchased on the native peak with out disclosure.
Associated: Metaplanet sticks to Bitcoin shopping for plan as crypto sentiment hits 2022 lows
Metaplanet’s real-time public dashboard corroborates the buys, showing it bought 1,009 BTC on Sept. 1, 136 BTC on Sept. 8, 5,419 BTC on Sept. 22 and 5,268 BTC on Sept. 30, 2025.
The purchases are additionally mirrored on the general public tracker Bitcointreasures.nettogether with the general public bulletins and/or monetary statements.
Gerovich additionally pressured that promoting put choices and put spreads was designed to accumulate BTC under spot and monetize volatility for shareholders reasonably than to gamble on short-term worth strikes.
Measuring efficiency by completely different metrics
The Metaplanet CEO additionally contested using internet revenue as a yardstick for a Bitcoin treasury firm, pointing as an alternative to hovering income and working revenue from Bitcoin-related actions, particularly choices earnings.
Metaplanet reported fiscal 2025 income of 8.9 billion Japanese yen (about $58 million) on Monday, up roughly 738% year-on-year, even whereas reserving a internet lack of about $680 million as a result of sharp lower in worth of its Bitcoin holdings.
Gerovich mentioned that treating these non-cash losses as proof of strategic failure misunderstood the accounting therapy of property.
Associated: Metaplanet to debut US buying and selling with Deutsche Financial institution underneath MPJPY
He famous that Metaplanet had established a credit score facility in October 2025 and disclosed subsequent drawdowns in November and December, together with data on borrowing quantities, collateral, construction and broad curiosity phrases, all viewable on Metaplanet’s disclosures web page.
The lender’s id and precise charges had been withheld, Gerovich mentioned, on the counterparty’s request.
Lastly, he argued that the borrowing situations had been favorable for Metaplanet and that the corporate’s stability sheet remained stable regardless of Bitcoin’s drawdown.
Wider backlash in opposition to BTC treasury performs
Gerovich’s protection comes as different listed Bitcoin treasury performs face scrutiny over the sustainability and threat of their Bitcoin-heavy treasury mannequin.
Technique, the biggest company holder of BTC, reported a $12.4 billion internet loss within the fourth quarter of 2025 as Bitcoin fell 22% over the interval, though it emphasised a “stronger and extra resilient” capital construction and an “indefinite” Bitcoin time horizon.
Cointelegraph reached out to Metaplanet for added remark, however didn’t obtain a response by publication.
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