Japanese public company Metaplanet has forcefully denied accusations of opaque disclosure practices regarding its Bitcoin treasury strategy. CEO Simon Gerovich stated all purchases and wallet addresses were publicly disclosed in real-time, calling the claims “inflammatory and contrary to the facts.” He detailed the firm’s use of options trading to lower acquisition costs and highlighted a 1,694% year-over-year operating profit growth.
The Japanese public company Metaplanet has denied allegations of insufficient transparency around its Bitcoin treasury operations. CEO Simon Gerovich stated claims the firm’s disclosures are insincere are “inflammatory and contrary to the facts.”
Gerovich asserted all Bitcoin purchases, wallet addresses, and capital deployment decisions were publicly disclosed in real time. He said Metaplanet made four purchases in September and announced each promptly despite buying near a local price peak.
The CEO explained the company’s strategy focuses on long-term, systematic accumulation, not market timing. He added that selling put options was a method to acquire Bitcoin at a cost lower than the spot price through premium income.
Gerovich revealed this strategy reduced effective acquisition costs in the fourth quarter. He noted the company’s Bitcoin per share, a key performance indicator, increased by more than 500% in 2025.
Regarding financial results, Gerovich clarified net profit is not an appropriate metric for a Bitcoin treasury company. He pointed to an operating profit of approximately $41 million, indicating 1,694% year-over-year growth.
He attributed an ordinary loss solely to unrealized valuation changes on long-term Bitcoin holdings. The company has disclosed details of its borrowings, though the lender’s identity and specific interest rates were kept confidential at the counterparty’s request.
