Metaplanet CEO Fires Back at Critics, Defending Bitcoin Treasury Strategy and Financial Transparency
In a sharp rebuke aimed at anonymous detractors, Metaplanet CEO Simon Gerovich has issued a comprehensive defense of the company’s Bitcoin accumulation strategy and corporate governance, rejecting claims of opaque disclosure as "inflammatory and factually incorrect."
Addressing a wave of recent online criticism, Gerovich emphasized that while it is easy for anonymous accounts to ignite controversy without consequence, Metaplanet remains committed to public accountability. The statement systematically dismantled allegations regarding the company’s disclosures, trading timing, and financial health.
Defense of Disclosure Standards
Refuting claims of dishonesty, Gerovich highlighted the company's shift toward income-generating strategies—specifically selling put options—to capitalize on heightened volatility over the past six months. "We are effectively utilizing this volatility to the benefit of shareholders," he stated. Gerovich noted that all capital allocation decisions, including long-term Bitcoin purchases, are disclosed immediately upon decision, and pointed to the company’s public dashboard which allows shareholders to audit Bitcoin holdings in real-time. "We are one of the most transparent listed companies in the world," Gerovich asserted.
Strategic Market Timing
Addressing accusations that the firm purchased Bitcoin at a market peak in September and concealed the fact, Gerovich pointed to the public record. While acknowledging that September represented a "local top," the response clarified that Metaplanet executed four distinct purchases during the month, all of which were promptly disclosed. Gerovich reiterated that the company’s mandate is systematic, long-term accumulation rather than short-term market timing.
Clarifying the Options Strategy
The statement also sought to correct what Gerovich described as a "fundamental misunderstanding" of Metaplanet’s use of derivatives. By selling put options, the company aims to acquire Bitcoin at a cost basis below spot prices, rather than simply betting on price appreciation. The executive cited a hypothetical scenario where selling a put at an $80,000 strike price with a $10,000 premium results in an effective entry price of $70,000—a strategic advantage over open-market buyers. This approach, Gerovich claimed, significantly lowered effective costs in Q4 and contributed to a surge of over 500% in the company’s key performance indicator: Bitcoin per share.
Interpreting the Financials
Gerovich argued that critics focusing on net income are misreading the financials of a corporate Bitcoin treasury. While the company reported a recurring loss, this was attributed solely to unrealized valuation changes on long-term Bitcoin holdings that the company has no intention of selling. Instead, Gerovich pointed to Operating Income, which surged 1,694% year-over-year to 6.2 billion JPY, as the true indicator of the strategy’s success.
Debt and Operational Viability
Regarding borrowing, the company denied hiding debt obligations, citing three separate timely disclosures regarding credit lines and drawdowns in late 2024. While the specific identity of the lender and exact interest rates were withheld at the counterparty's request for competitive reasons, Gerovich assured shareholders that the terms were favorable.
Furthermore, Gerovich defended the company’s legacy hotel business, rejecting descriptions of it as "dilapidated." The division reported an operating profit of 169 million JPY on revenue of 437 million JPY for FY2025.
Skin in the Game
Concluding the statement, Gerovich highlighted the management team's status as a major shareholder, noting that they experience stock volatility alongside retail investors. Despite the broader market downturn, Metaplanet’s stock has declined 23% compared to Bitcoin’s 24% drop, suggesting the company is performing as designed—providing levered exposure that tracks, and aims to outperform, the underlying asset.
"I am here, I am available, and I will always respond," Gerovich stated, inviting legitimate discourse while drawing a hard line against misinformation.
Norbert Gehrke
