Key Highlights
- The CEO of Metaplanet has addressed allegations around the company withholding details about its BTC purchases, options trades, and borrowings, while emphasizing on its transparency efforts through public dashboards and disclosures.
- Selling put options helps Metaplanet lower Bitcoin costs, turning market volatility into shareholder value, not speculation.
- CEO Simon Gerovich said he personally invests in the company, reinforcing long-term commitment amid scrutiny over capital and loans.
Metaplanet Inc., Tokyo’s publicly listed Bitcoin treasury firm, is facing scrutiny as volatility challenges its crypto strategy. CEO Simon Gerovich has addressed allegations claiming the company mismanaged shareholder funds and concealed Bitcoin (BTC) purchases.
In a recent post on X, Gerovich responded to critics, stressing transparency and long-term Bitcoin accumulation. He said, “All of our Bitcoin addresses are publicly available, and through our live dashboard, shareholders can check our holdings in real time.” The post comes after Metaplanet recently shared its 2025 results highlighting a major shift toward crypto, with operating profit jumping 1,694% to ¥6.287 billion and revenue seeing a 738% increase to ¥8.905 billion.
The controversy is centered on the firm’s Bitcoin purchases and options in September 2025. Critics argued that the company purchased at the peak of the market and failed to disclose this information. Gerovich explained that all transactions in September were shared immediately. He said, “Our strategy is not about timing the market. It is about accumulating Bitcoin long-term and systematically.”
The CEO explained that selling put options is a planned strategy, not just a guess on Bitcoin going up. The company makes money from the premiums it collects and smart positioning. He gave an example: receiving a $10,000 premium on an $80,000 put lowers the effective cost to $70,000, using market volatility to the company’s advantage. As a result, BTC per share increased over 500% in 2025.
Transparency and financial discipline
Metaplanet has also faced criticism over its borrowings and how it uses capital. Gerovich clarified that the company publicly shared details of its credit facilities in October 2025 and the drawdowns in November and December. While the identities of lenders and exact interest rates remain private, all other terms and purposes were fully disclosed.
He also stressed his personal commitment, saying, “Like all other shareholders, I have invested my own funds in this company and personally feel the pain of the stock price decline.” The company focuses on leveraged Bitcoin investment, while its hotel business still contributed ¥437 million in revenue and ¥169 million in operating profit.
Bitcoin treasury growth
In late December 2025, Metaplanet shared that it had bought 4,279 Bitcoin for around $451 million, bringing their total holdings to 35,102 coins worth about $3.78 billion. CEO Gerovich pointed out that their BTC Yield grew 568% in 2025.
After pausing purchases since September, the company resumed buying during market dips. Experts say this shows a careful, strategic approach—using options trading and selective buys to get Bitcoin at the best possible cost.
Gerovich emphasized that anyone can verify their purchases and borrowings through public dashboards and timely disclosures. He concluded his post by saying that the company welcomes criticism and will respond to questions and concerns as long as it is legitimate.
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