Metaplanet under pressure over Bitcoin reserve transparency

Metaplanet CEO Simon Gerovich responded to social media allegations that the company misled investors regarding Bitcoin accumulation and related derivative operations.

In a detailed post, he stated that the criticism stems from a misunderstanding of financial statements rather than concealment of information.

匿名アカウントの裏に隠れて、何の責任も負うことなく他者を非難し、炎上させることは簡単です。しかし、私は自らの発言とメタプラネットの行動すべてに対して公の場で責任を負うことに何の抵抗もありません。そのため、寄せられている各主張に対して、直接お答えします。… https://t.co/e0ieMGq29N

— Simon Gerovich (@gerovich) February 20, 2026

According to him, all Bitcoin purchases, options trades, and Bitcoin-backed credit lines were promptly disclosed through official announcements and reporting documents.

Controversy surrounding September purchases

Critics questioned four major acquisitions of Bitcoin in September 2025, claiming that market-sensitive information was delayed. Gerovich stated that the deals were announced on time.

According to company data, the following were purchased in September:

• 1 009 BTC on 1 September
• 136 BTC on 8 September
• 5 419 BTC on 22 September
• 5 268 BTC on 30 September

The transactions are reflected in both corporate reports and public tracking platforms.

Debate over options strategy

The company uses put options and spread strategies to acquire Bitcoin below spot price and generate yield from volatility. However, some investors claim that these derivative positions have obscured actual losses.
Gerovich emphasized that the reported net loss is primarily due to the accounting revaluation of Bitcoin positions at market prices, which represents a non-cash effect.

For fiscal 2025, Metaplanet reported revenue of ¥8,9 billion (approximately $58 million), a growth of about 738% year-on-year, driven mainly by Bitcoin and options-related activities. At the same time, the net loss of approximately $680 million resulted from a decline in the market valuation of digital assets.

Questions about Bitcoin-backed loans

The company also defended the Bitcoin-backed credit line established in October 2025. According to management, subsequent drawdowns were publicly disclosed, including information on the loan size and structure.

The lender’s name and exact interest terms were not disclosed at the counterparty’s request, but Gerovich described the terms as favorable and stated that the company’s balance sheet remains stable despite price volatility.

Broader pressure on Bitcoin treasury models

The case unfolds against a backdrop of increased interest in the transparency and sustainability of public companies following aggressive Bitcoin accumulation strategies.

Amid continued volatility, investors are paying closer attention to the accountability, risk management, and capital structure of companies with large Bitcoin reserves. For Metaplanet and similar firms, the debate highlights the delicate balance between an ambitious accumulation strategy and the need for clarity to shareholders.