Metaplanet Chief Executive Simon Gerovich has rejected claims that the company lacks transparency in its Bitcoin investment strategy, following criticism shared on X.
Summary
- Metaplanet CEO Simon Gerovich denied claims that the company hides Bitcoin purchases, saying all transactions and wallet addresses are publicly disclosed.
- He defended the firm’s options strategy and financial reporting, arguing they reduce costs and reflect long-term holdings rather than short-term speculation.
- Management re-affirmed its commitment to Bitcoin accumulation while addressing concerns over borrowing, profits, and shareholder funding.
In a detailed public response, Gerovich addressed allegations that Metaplanet failed to disclose purchases, mismanaged options trading, and withheld key financial information. He said the claims were misleading and ignored data already available to shareholders.
The comments came after an anonymous post accused the company of hiding losses and buying Bitcoin at market peaks using shareholder funds.
CEO responds to disclosure and trading claims
Gerovich said Metaplanet has consistently announced all Bitcoin (BTC) purchases when they were made. He added that the company maintains a public dashboard showing wallet addresses and holdings in real time.
According to him, four Bitcoin purchases made in September were disclosed promptly, even though prices were near local highs at the time. He said the company’s strategy does not focus on short-term market timing, but on long-term accumulation.
He also pushed back against criticism of the firm’s options activity. Gerovich explained that selling put options is meant to lower the effective cost of acquiring Bitcoin through premium income.
As an example, he said selling a put at $80,000 with a $10,000 premium would reduce the effective purchase price to $70,000. He argued that this approach benefited shareholders during periods of high volatility.
The CEO said this strategy helped raise Bitcoin per share by more than 500% in 2025, which remains the company’s main performance indicator.
Financial results, borrowing, and shareholder concerns
Gerovich also addressed concerns about Metaplanet’s financial statements. He said net profit figures do not accurately reflect the performance of a Bitcoin-focused treasury company, due to unrealized valuation changes.
He pointed instead to operating profit, which rose sharply year over year, as evidence that the business remains healthy. Losses, he said, were mainly accounting adjustments on long-term Bitcoin holdings that the company does not plan to sell.
On borrowing practices, Gerovich said Metaplanet disclosed its credit facility, drawdowns, and collateral terms when they occurred. However, he noted that lender identities and exact interest rates were withheld at the counterparty’s request.
He added that the terms were favorable and fully approved under disclosure rules.
The CEO also responded to claims that the firm relies solely on shareholder funding. He said he is a major shareholder and has invested personal funds in the company. He pointed to the hotel business, which recorded solid revenue and profit in 2025, as proof that Metaplanet still operates outside crypto.
Gerovich concluded by saying he remains open to direct questions from investors and will continue publishing detailed updates on the company’s activities.
