TLDR:
Metaplanet CEO Simon Gerovich rejects anonymous claims of hidden Bitcoin buys and poor disclosure practices.
Four September Bitcoin purchases were each disclosed promptly via the company’s live public dashboard.
Selling put options lowers Bitcoin acquisition costs below spot, not a directional price bet.
Metaplanet’s Bitcoin-per-share KPI surged over 500% in 2025 despite stock price volatility.
Metaplanet’s CEO has gone on the offensive. Simon Gerovich addressed a wave of anonymous allegations targeting the Japanese Bitcoin treasury firm.
The criticism questioned the company’s disclosure practices, options trading approach, and September Bitcoin purchases. Gerovich pushed back point by point, calling several claims factually inaccurate.
Metaplanet CEO Challenges Claims Over Bitcoin Purchases and Disclosure Practices
The September Bitcoin purchases drew particular scrutiny. Critics alleged the company bought near a local price peak and stayed quiet about it.
Gerovich acknowledged the timing but rejected the narrative entirely. He confirmed four separate purchases were made that month, each disclosed promptly through the company’s public dashboard.
Metaplanet publishes all Bitcoin wallet addresses openly. Shareholders can verify holdings in real time through a live dashboard the firm maintains.
Gerovich cited this as evidence the company operates with unusual transparency for a listed entity. He described it as one of the most open corporate structures in the market.
The company’s accumulation approach is systematic, not speculative. Gerovich emphasized that Metaplanet does not attempt to time Bitcoin’s price.
Every purchase gets disclosed regardless of prevailing market conditions. That policy has remained consistent throughout the firm’s accumulation period.
Gerovich took direct aim at anonymous accounts spreading the allegations. He stated he would not tolerate the distribution of false information to shareholders navigating a volatile market.
He also noted his personal financial exposure as a major shareholder, having invested his own capital into the company.
Options Trading Strategy and Financial Metrics Addressed Directly
The criticism around options trading reflected a misreading of strategy, according to Gerovich.
Selling put options is not a directional bet on Bitcoin rising. It is a method to acquire Bitcoin below the spot price by collecting option premiums upfront. He walked through a specific example to illustrate the mechanics.
In his post, Gerovich described a scenario where spot Bitcoin trades at $80,000.
Selling a put at that strike and collecting a $10,000 premium brings the effective acquisition cost to $70,000. The strategy exploits elevated volatility to lower average entry prices. In Q4, he said, the approach meaningfully reduced Metaplanet’s effective Bitcoin costs.
On financials, Gerovich challenged the use of net profit as an evaluation metric. He pointed to 6.2 billion yen in operating profit, representing 1,694% year-over-year growth.
Ordinary losses stem from unrealized valuation changes on long-term Bitcoin holdings the company has no plans to sell. He called drawing negative conclusions from that line item a misreading of the statements.
Bitcoin per share, the company’s primary KPI, rose over 500% in 2025. The hotel business generated 437 million yen in sales revenue and 169 million yen in operating profit. Borrowing arrangements were disclosed three times across facility establishment and two drawdowns.
Specific lender details and interest rates were withheld at the counterparty’s request, Gerovich said.
