‘Contrary to the facts’: Simon Gerovich slams critics of Metaplanet’s BTC strategy

Metaplanet denied claims of hidden activity and claimed that all Bitcoin purchases, wallet addresses and capital deployment decisions were made public in real time.

Metaplanet CEO Simon Gerovich said claims that the company’s disclosures are disingenuous, “inflammatory and contrary to the facts.” He added that over the past six months, as volatility increased, the Japanese listed company has allocated more capital to its income business and sold put options and put spreads, which are actively managed as options positions.

The response follows allegations circulating online questioning Metaplanet’s disclosure practices and use of shareholder funds. The claims state that Bitcoin purchases were not immediately made public, including a large purchase made around the September price peak using proceeds from a foreign public offering, followed by a period of no updates.

Gerovich’s defense

In his last post on X, Gerovich said some of these funds were used to purchase Bitcoin for long-term holdings, and that these purchases were made public at the time they were made. The director added that all BTC addresses are publicly available and can be viewed via a live dashboard, allowing shareholders to monitor their holdings in real time. He further claimed that Metaplanet is one of the most transparent listed companies in the world.

Metaplanet made four purchases in September and announced them all immediately. Although the month was a local spike, Gerovich stated that the company’s strategy is not about timing the market, insisting that the focus is on long-term and systematic accumulation of Bitcoin, and that every purchase regardless of price will be made public.

As for options trading, Gerovich noted that the criticism stemmed from a misunderstanding of the financial statements. He said selling put options is not a bet on BTC price appreciation, but a way to acquire Bitcoin at a lower cost than the spot price through premium income. He explains that this strategy reduced effective acquisition costs in the fourth quarter. He revealed that Bitcoin per share, the company’s key performance indicator, is up more than 500% by 2025.

Financial statements and loans

As for financial results, Gerovich clarified that net profit is not an appropriate metric for evaluating a Bitcoin Treasury company. He pointed to operating profit of 6.2 billion yen, indicating 1,694% year-on-year growth. According to the director, the ordinary loss stems solely from unrealized valuation changes on long-term Bitcoin holdings that the company has no intention of selling.

Three disclosures were made in relation to loans: when entering into the credit facility in October, and when drawing down funds in November and December. Loan amounts, collateral details, interest rate structure, purposes and conditions were disclosed. The identity of the lender and the specific interest levels were not disclosed at the request of the counterparty, despite the terms being favorable to Metaplanet.

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