The CEO of Metaplanet strongly disagreed this week, saying that critics on social media are getting the wrong story about large Bitcoin purchases, betting options and lending that has rattled some investors.
Simon Gerovich said the company makes every purchase public and that its live dashboard and external trackers confirm the move.
Reports say that the company bought blocks of Bitcoin in September 2025 and that those sales came from public trackers. One such tracker, Bitcointreasuries.net, lists purchases and company statements.
What was revealed
According to the CEO, all major acquisitions and trading options are marked in real time. He called anonymous accounts misreading documents and treating bookkeeping changes as cover-ups.
However, I have no objection to taking responsibility for all of my own words and behavior in the public domain, so I will answer directly to all the claims that have been made.
– Simon Gerovich (@gerovich) February 20, 2026
Whether that silences the critics depends on what investors expect from a company whose balance sheet is mostly Bitcoin. Many will accept careful disclosure; others want more clarity when buying occurs near price peaks.
Selling put and spread option building was defended as a way to get cheap Bitcoin over time and create consistent income. That’s the strategy some firms use: you get paid for taking on the responsibility of buying at certain prices.
But it can lead to huge paper losses when the market turns too much. Some investors hear “income strategy.” Some hear “ancient danger.”
モャビラッットはははなますなまくからおりを巻き上しながかるなきつつい
We do not disclose necessary information.First of all, BTC will be announced soon pic.twitter.com/dHK2KSRj52
— 意地悪な暴言のカワウソ (@tenb1) February 18, 2026
How Losses Are Measured
Reports note that the company has been booking strong performance figures tied to options revenue, yet it still posted huge losses as Bitcoin’s market value plummeted.
Metaplanet reported a 2025 revenue of ¥8.9 billion (about $58 million) while posting a net loss of $680 million, reflecting market capitalization in the Bitcoin market.
*Metaplanet Gets 1,009 Extras $BTCTotal holdings Up to 20,000 BTC* pic.twitter.com/kwvUkQaFth
– Metaplanet Inc. (@metaplanet) September 1, 2025
The accounting method means that even though the income from trading and options activities increased, the reported income turned out to be negative due to the decrease in the value of Bitcoin on the balance sheet.
These accounting rules can lead to significant, non-monetary losses for companies holding Bitcoin during market downturns. Investors and creditors often consider these figures when evaluating a company’s financial condition and risk exposure.
Loan and Group Details
Gerovich confirmed that the line of credit was established and that the debit was disclosed in recent letters, but also said that the lender has asked that its name and exact rates be kept confidential.
That kind of secrecy is common in finance, but when convertibles back loans, the lack of full disclosure raises concerns.
Reports said the building was in its favor, according to the company, but critics warned that the vague wording could hide potential motives for expropriation.
Featured image from Pexels, chart from TradingView
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