Metaplanet’s boss adamantly opposed this week, saying critics on social media got the story wrong about big Bitcoin buys, options bets and borrowings that have shaken some investors.
Simon Gerovich said the company made each purchase public and that its own live dashboard and outside trackers confirmed the moves.
Reports say the firm bought blocks of Bitcoin in September 2025 and that those trades show up on public trackers. One such tracker, Bitcointreasuries.net, lists the purchases alongside the company’s statements.
What Was Disclosed
According to the CEO, every major acquisition and options trade was flagged in real time. He called out anonymous accounts for reading filings the wrong way and for treating bookkeeping changes like attempts at concealment.
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
Whether that calms critics depends on what investors expect from a company whose balance sheet is mostly Bitcoin. Many will accept careful disclosure; others want extra clarity when buys happen near price peaks.
Selling puts and building option spreads was defended as a way to pick up Bitcoin cheaper over time and to create steady option income. That’s a strategy some firms use: you get paid for taking on the obligation to buy at certain prices.
But it can lead to outsized paper losses when the market turns sharply. Some investors hear “income strategy.” Others hear “long-dated risk.”
メタプラネットはどうやって株主からお金を巻き上げようとしか考えてない会社です
必要な情報を株主に開示しません。まず一番不誠実なのがBTC買ってもすぐに発表しません（株主の金で買っておいて
）… https://t.co/KEYOXsTzui pic.twitter.com/dHK2KSRj52
— 意地悪な暴言のカワウソ (@tenb1) February 18, 2026
How Losses Were Measured
Reports note the company booked strong operating figures tied to options revenue, yet it still posted a heavy net loss because Bitcoin’s market value fell.
Metaplanet reported fiscal 2025 revenue of ¥8.9 billion (about $58 million) while posting a net loss of roughly $680 million, reflecting mark-to-market accounting on its Bitcoin holdings.
*Metaplanet Acquires Additional 1,009 $BTC, Total Holdings Reach 20,000 BTC* pic.twitter.com/kwvUkQaFth
— Metaplanet Inc. (@Metaplanet) September 1, 2025
The accounting approach means that while cash generated from trading and options activity increased, the reported net income appeared negative due to declines in the value of Bitcoin on the balance sheet.
These accounting rules can result in large, non-cash losses for companies holding Bitcoin during market downturns. Investors and creditors often consider these figures when evaluating the company’s financial position and risk exposure.
Borrowings And Counterparty Details
Gerovich confirmed a credit line was set up and that drawdowns were disclosed in later filings, but he also said the lender asked that its name and exact rates be kept private.
That kind of confidentiality is common in finance, yet when volatile assets back loans, the lack of full detail raises concern.
Reports say the structure was favorable, according to the company, but critics warn that opaque terms can hide potential triggers for forced asset sales.
Featured image from Pexels, chart from TradingView
