Metaplanet CEO Defends “Transparent” Bitcoin Strategy Amid Growing Investor Scrutiny
Tokyo, 20 February 2026 – Metaplanet Holdings Inc. (TYO: MP) CEO Simon Gerovich spent Friday on X (formerly Twitter) pushing back against a wave of criticism that the firm had allegedly concealed material information about its Bitcoin‑centric treasury operations. In a series of detailed posts, Gerovich insisted that Metaplanet’s disclosures were timely and complete, and that the company’s financial performance should be judged on cash‑flow metrics rather than on paper‑losses driven by cryptocurrency price volatility.
Accusations from “Anonymous” Critics
A group of unnamed X accounts has claimed that Metaplanet:
- Delayed or failed to disclose price‑sensitive Bitcoin purchases and options trades funded with shareholder capital.
- Hid losses stemming from its derivatives activities.
- Did not fully explain the terms of its Bitcoin‑backed borrowing facilities.
The critics argue that the company’s handling of its BTC treasury amounts to misinformation that could mislead investors.
Gerovich’s Counter‑Arguments
Real‑time Disclosure of September 2025 Purchases
Gerovich highlighted four Bitcoin acquisitions made in September 2025, asserting that each transaction was announced immediately on the company’s public channels. According to Metaplanet’s live analytics dashboard, the firm bought:
| Date (2025) | BTC Acquired |
|---|---|
| Sep 1 | 1,009 |
| Sep 8 | 136 |
| Sep 22 | 5,419 |
| Sep 30 | 5,268 |
These figures also appear on third‑party trackers such as Bitcointreasuries.net, which aggregate publicly released data and corporate filings. Gerovich contended that the record contradicts claims of “secret” purchases at market peaks.
Options Activity Described as Revenue‑Generating
The CEO explained that Metaplanet’s strategy of selling put options and put spreads is intended to secure Bitcoin at prices below spot while capturing volatility premiums for shareholders. He emphasized that the approach is not a speculative bet on short‑term price movements but a disciplined, income‑producing activity that has historically contributed a sizable share of the company’s operating profit.
Financial Results Framed Differently
Metaplanet reported fiscal‑year‑2025 revenue of ¥8.9 billion (≈ $58 million), an increase of roughly 738 % year‑on‑year, primarily driven by option premium income. However, the firm posted a net loss of about $680 million, reflecting the steep decline in the fair‑value of its Bitcoin holdings. Gerovich argued that the loss is a non‑cash accounting adjustment and should not be interpreted as a failure of the underlying strategy. He suggested that traditional net‑profit metrics are less relevant for a corporate treasury whose core objective is to generate cash‑flow from crypto‑related activities.
Credit Facility Transparency
In October 2025, Metaplanet secured a Bitcoin‑backed credit line, with drawdowns disclosed in November and December. The company has published the loan amounts, collateral structure, and overarching interest terms on its shareholders’ disclosure page. While the lender’s identity and precise rates remain confidential at the counterparty’s request, Gerovich maintained that the borrowing conditions are favorable and that the balance sheet remains robust despite the price weakness in BTC.
Wider Industry Context
Metaplanet’s defense comes as other listed firms that have adopted Bitcoin‑heavy treasury models face intensified scrutiny. Strategy Investments, for example, posted a $12.4 billion net loss in Q4 2025 after Bitcoin fell 22 % over the same period, prompting analysts to question the sustainability of large‑scale corporate BTC holdings. Nevertheless, many of these companies continue to stress “long‑term” horizons and claim that their capital structures can absorb crypto‑related volatility.
Analyst Takeaways
- Disclosure Practices: Metaplanet’s real‑time dashboard and public filings provide a degree of transparency that exceeds typical corporate reporting on crypto assets, though critics argue that more granular data—especially on derivatives exposure—would further reassure investors.
- Revenue vs. Net‑Loss: The dramatic rise in revenue underscores the profitability of options premium generation, but the sizeable accounting loss highlights the risk of relying heavily on balance‑sheet assets whose market values can swing sharply.
- Credit Line Usage: The disclosed borrowing activity suggests a strategic use of Bitcoin as collateral to fund growth, yet the lack of detail on lender terms may leave some shareholders uneasy.
- Industry Benchmarking: Metaplanet’s performance mirrors a broader trend where firms with Bitcoin treasuries demonstrate high operating cash‑flow but also experience large unrealized losses during market downturns.
Key Takeaways
- Prompt Disclosure: Metaplanet publicly announced all September 2025 Bitcoin purchases, with transaction data corroborated by external trackers.
- Options Income: Put‑option sales and spreads are positioned as a cash‑generation tool rather than speculative bets.
- Financial Narrative: Revenue surged dramatically, but accounting losses from BTC price declines dominate headline net‑profit figures.
- Borrowing Transparency: Credit facility details are published, though lender identity and exact rates remain confidential.
- Sector Pressure: The firm’s defense reflects mounting pressure on corporate Bitcoin‑treasury models to balance transparency with market‑driven risk.
Cointelegraph reached out to Metaplanet for additional comment; a response was not received before publication.
Disclaimer: This article follows Cointelegraph’s editorial policy and aims to provide accurate, timely information. Readers are encouraged to verify the details independently.
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