Metaplanet CEO rejects claims it hid details of Bitcoin trades

Metaplanet CEO Simon Gerovich has pushed backmost against accusations from what helium called “anonymous accounts” that the institution misled investors astir its Bitcoin strategy and disclosures.

Critics connected X argued that Metaplanet delayed oregon withheld price‑sensitive accusation astir ample Bitcoin (BTC) purchases and options trades funded with shareholder capital, obscured losses from its derivatives strategy, and failed to afloat disclose cardinal presumption of its BTC‑backed borrowings.

In a elaborate X post connected Friday, Gerovich argued that Metaplanet promptly reported each Bitcoin purchases, enactment strategies, and borrowings, and that critics were misreading its fiscal statements alternatively than uncovering misconduct.

September buys and disclosures

Gerovich said that Metaplanet had made 4 Bitcoin purchases successful September 2025 and “promptly announced” each one, rejecting claims the institution secretly bought astatine the section highest without disclosure. 

Related: Metaplanet sticks to Bitcoin buying program arsenic crypto sentiment hits 2022 lows

Metaplanet’s real-time nationalist dashboard corroborates the purchases, showing the steadfast purchased 1,009 BTC connected Sept. 1, 136 BTC connected Sept. 8, 5,419 BTC connected Sept. 22, and 5,268 BTC connected Sept. 30, 2025. 

The purchases are besides reflected connected nationalist tracker Bitcointreasuries.net, on with the nationalist announcements and/or fiscal statements.

Metaplanet announcement of BTC purchase. Source: Metaplanet

Gerovich besides stressed that selling enactment options and enactment spreads was designed to get BTC beneath spot and monetize volatility for shareholders alternatively than to gamble connected short‑term terms moves.

Measuring show by antithetic metrics

The Metaplanet CEO besides contested the usage of nett net arsenic a yardstick for a Bitcoin treasury company, pointing alternatively to soaring gross and operating nett from Bitcoin‑related activities, particularly options income. 

Metaplanet reported fiscal 2025 gross of 8.9 cardinal Japanese yen (around $58 million) connected Monday, up astir 738% year‑on‑year, adjacent portion booking a net nonaccomplishment of astir $680 million owed to the crisp alteration successful terms of its Bitcoin holdings. 

Gerovich said that treating those non‑cash losses arsenic grounds of strategical nonaccomplishment misunderstood the accounting attraction of assets.

Related: Metaplanet to debut US trading with Deutsche Bank nether MPJPY

He noted that Metaplanet had established a recognition installation successful October 2025 and disclosed consequent drawdowns successful November and December, including accusation connected borrowing amounts, collateral, operation and wide involvement terms, each viewable connected Metaplanet’s disclosures page.

The lender’s individuality and nonstop rates were withheld, Gerovich said, astatine the counterparty’s request. 

Finally, helium argued that the borrowing conditions were favorable for Metaplanet and that the company’s equilibrium expanse remained coagulated contempt Bitcoin’s drawdown.

Wider backlash against BTC treasury plays

Gerovich’s defence comes arsenic different listed Bitcoin treasury plays look scrutiny of their ain implicit the sustainability and hazard of their Bitcoin‑heavy treasury model.

Strategy, the largest firm holder of BTC, reported a $12.4 cardinal nett nonaccomplishment successful the 4th quarter of 2025 arsenic Bitcoin fell astir 22% implicit the period, though it emphasized a “stronger and much resilient” superior operation and an “indefinite” Bitcoin clip horizon. 

Cointelegraph reached retired to Metaplanet for further comment, but had not received a effect by publication.

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