- Metaplanet CEO Simon Gerovich denied allegations of misleading Bitcoin strategy disclosures, claiming all moves were promptly reported.
- The company announced four Bitcoin purchases in September 2025, with data publicly available on trackers like Bitcointreasuries.net.
- Despite a net loss of $680 million from Bitcoin Price drops, Metaplanet’s revenue surged 738% to $58 million in fiscal 2025.
- Broader skepticism targets Bitcoin treasury models as firms like Strategy report multi-billion dollar losses.
In a detailed X post on Friday, Metaplanet CEO Simon Gerovich defended the company’s Bitcoin strategy against allegations of misleading disclosures from critics on X. He pushed back against accusations from anonymous accounts that the firm misled investors.
Critics on X have argued that Metaplanet delayed or withheld price-sensitive information about large Bitcoin purchases and options trades. They also claimed the company obscured derivatives losses and failed to fully disclose borrowing terms.
However, Gerovich stated that four Bitcoin purchases in September 2025 were “promptly announced,” with data showing buys of 1,009 BTC on Sept. 1, 136 BTC on Sept. 8, 5,419 BTC on Sept. 22, and 5,268 BTC on Sept. 30. These announcements were also made in a Metaplanet post and reflected on Bitcointreasuries.net.
Consequently, he emphasized that selling put options aimed to acquire BTC below spot and monetize volatility, not for short-term speculation. Meanwhile, Gerovich contested using net profit as a yardstick for a Bitcoin treasury company.
Instead, he pointed to soaring revenue and operating profit from Bitcoin-related activities. Metaplanet reported fiscal 2025 revenue of $58 million, up 738% year-on-year, despite a net loss of $680 million from Bitcoin’s price decline.
Gerovich argued that treating these non-cash losses as strategic failure misunderstands asset accounting. He noted that a credit facility was established in October 2025, with drawdowns disclosed on the company’s disclosures page.
The lender’s identity and exact rates were withheld at the counterparty’s request, he said. Nevertheless, Gerovich maintained that borrowing conditions were favorable and the balance sheet remained solid.
Meanwhile, wider backlash targets Bitcoin treasury plays, with Strategy reporting a $12.4 billion net loss in Q4 2025 as Bitcoin fell 22%. The firm emphasized a stronger capital structure and indefinite Bitcoin horizon.
Cointelegraph reached out to Metaplanet for additional comment but received no response by publication.
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