Metaplanet Chief Executive Simon Gerovich has pushed back against allegations that the company lacks transparency in its Bitcoin investment strategy, following criticism circulated on X.
In a detailed public response, Gerovich addressed claims that Metaplanet failed to properly disclose Bitcoin purchases, mismanaged options trades and obscured financial details from shareholders. The accusations stemmed from an anonymous post alleging the firm concealed losses and purchased Bitcoin near market peaks using shareholder funds.
メタプラネットはどうやって株主からお金を巻き上げようとしか考えてない会社です🤮
必要な情報を株主に開示しません。まず一番不誠実なのがBTC買ってもすぐに発表しません（株主の金で買っておいて😓）… https://t.co/KEYOXsTzui pic.twitter.com/dHK2KSRj52
— 意地悪な暴言のカワウソ (@tenb1) February 18, 2026
Gerovich described the claims as misleading, arguing that relevant disclosures were already available to investors.
CEO defends disclosures and options strategy
According to Gerovich, Metaplanet has consistently announced all Bitcoin acquisitions at the time they were executed. He added that the company maintains a publicly accessible dashboard showing wallet addresses and holdings in real time.
He acknowledged that four Bitcoin purchases in September occurred when prices were near local highs, but said the company’s approach prioritizes long-term accumulation rather than short-term market timing.
Gerovich also defended Metaplanet’s use of options strategies, particularly selling put options. He explained that the tactic allows the company to collect premium income, effectively lowering its acquisition cost. For example, selling a put option at $80,000 with a $10,000 premium would reduce the effective purchase price to $70,000 if exercised.
He said the approach helped increase Bitcoin per share by more than 500% in 2025, which the firm uses as a key performance metric.
Addressing financial results and borrowing
Responding to concerns about reported net losses, Gerovich argued that traditional net profit figures do not accurately reflect the performance of a Bitcoin-focused treasury firm, as unrealized valuation swings can distort results. He pointed to strong year-over-year growth in operating profit as evidence of underlying business health.
Losses recorded in financial statements, he said, largely reflected accounting adjustments on long-term Bitcoin holdings that the company does not intend to liquidate.
Regarding borrowing, Gerovich stated that Metaplanet disclosed the terms of its credit facility, drawdowns, and collateral arrangements at the time of the announcement. While lender names and specific interest rates were not published, he said this was at the request of counterparties and remained compliant with disclosure rules.
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