Metaplanet has denied claims of hidden activity, and maintained that all Bitcoin purchases, wallet addresses, and capital transfer decisions are publicly disclosed in real time.
Metaplanet CEO Simon Gerovich said the company’s disclosure claims are not misleading, “inflated and untrue.” He added that in the past six months, as volatility increased, the Japanese public company allocated more money to the income business and sold put and put options, which are actively managed as option positions.
The response follows allegations circulating online questioning Metaplanet’s disclosure practices and use of shareholder funds. The claims mean that Bitcoin purchases were not immediately disclosed, including large purchases made near the peak of the September price using money from overseas public donations, followed by a period without updates.
Gerovich’s defense
In his latest letter to X, Gerovich said that part of these funds were used to buy Bitcoin for long-term storage, and that these purchases were disclosed at the time they were made. The exec added that all BTC addresses are publicly available and can be viewed via a live dashboard, allowing shareholders to check shareholdings in real time. He went on to say that Metaplanet is one of the most transparent listed companies in the world.
Metaplanet bought four properties in September and announced them all immediately. Although this month is the top spot, Gerovich said the company’s strategy is not about timing the market, keeping the focus on long-term and systematic Bitcoin accumulation, and that all purchases are disclosed regardless of price.
Regarding options trading, Gerovich noted that the criticism stems from a misunderstanding of financial statements. He said that selling options is not a bet on the price of BTC going up, but a way to get Bitcoin at a lower price than the spot price by using premium income. He explained that this strategy reduced procurement costs in the fourth quarter. He pointed out that Bitcoin per share, the main indicator of the company’s key performance, has increased by more than 500 percent by 2025.
Financial Statements and Loans
On financial results, Gerovich clarified that net profit is not an appropriate metric to evaluate a Bitcoin financial company. It reported an operating profit of 6.2 billion yen, showing a year-on-year growth of 1,694%. According to the exec, normal losses only come from valuation changes that are not accessible to long-term Bitcoin companies that the company does not intend to sell.
Three credit-related disclosures were made – when the credit facility was established in October, and when funds were lowered in November and December. Borrowing rates, collateral details, interest rate structures, objectives, and terms are disclosed. The identity of the borrower and the specific interest rates were not disclosed at the request of the other, despite the terms in favor of Metaplanet.
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