Emre Yumlu 
Simon Gerovich, CEO of Metaplanet, has publicly responded to allegations questioning the transparency of the company’s Bitcoin-focused treasury strategy. The criticism, circulated through an anonymous social media account, accused the firm of failing to properly disclose Bitcoin purchases, mishandling options trades, and withholding key financial details.
Gerovich firmly rejected these claims, arguing that they misrepresent the company’s practices and overlook information that has already been made available to shareholders.
Metaplanet Bitcoin Purchases and Options Strategy Explained
According to Gerovich, every Bitcoin acquisition has been disclosed at the time it occurred. He also noted that Metaplanet maintains a publicly accessible dashboard that displays wallet addresses and current holdings in real time, reinforcing the company’s commitment to visibility.
Addressing concerns about timing, Gerovich acknowledged that four Bitcoin purchases made in September occurred near local price highs. However, he emphasized that Metaplanet’s strategy is not based on short-term market timing. Instead, the company follows a long-term accumulation approach, viewing volatility as part of a broader investment horizon.
The CEO also clarified the rationale behind the company’s options activity. Specifically, Metaplanet sells put options as a means of generating premium income, effectively lowering the acquisition cost of Bitcoin. For example, selling a put option at a strike price of $80,000 while collecting a $10,000 premium would reduce the effective purchase price to $70,000 if exercised. Gerovich argued that this strategy has provided tangible benefits to shareholders, particularly during periods of heightened volatility.
He further stated that in 2025, the company increased its “Bitcoin per share” metric by more than 500 percent, a figure he described as the primary indicator of performance.
Financial Reporting, Borrowing, and Broader Operations
Gerovich also addressed criticism related to the company’s financial statements. He explained that net profit figures can be misleading for a Bitcoin-centric treasury company due to unrealized valuation fluctuations. Instead, he pointed to a significant year-over-year rise in operating profit as evidence of underlying business strength. Reported losses, he said, largely reflect accounting adjustments on long-term Bitcoin holdings that the company does not intend to liquidate.
Regarding borrowing, the CEO stated that details about credit facilities, drawdowns, and collateral terms were disclosed when implemented. However, the identities of lenders and specific interest rates were withheld at the request of counterparties. He maintained that the terms were favorable and compliant with disclosure standards.
Gerovich also underscored that he is a major shareholder who has invested personal capital in the company. Additionally, he highlighted the firm’s hotel business, which delivered solid revenue and profitability in 2025, as evidence that Metaplanet continues to operate beyond the crypto sector.
He concluded by reaffirming his openness to investor inquiries and his commitment to ongoing, detailed communication.
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