- Metaplanet CEO denies allegations of hidden Bitcoin disclosures
- September Bitcoin purchases spark transparency debate among investors
- Credit facility details fuel scrutiny over treasury strategy
Metaplanet is pushing back against mounting allegations that it concealed critical details about its Bitcoin activity, after anonymous social media accounts accused the company of withholding price sensitive information related to major cryptocurrency purchases, derivatives exposure, and borrowing arrangements, claims that prompted CEO Simon Gerovich to issue a detailed public response rejecting any suggestion of a cover up.
The criticism centers on assertions that the company delayed reporting substantial Bitcoin acquisitions and options transactions funded with shareholder capital, while also failing to clearly present losses connected to its derivatives strategy and the specific terms of its Bitcoin backed credit facility. Gerovich responded on X that Metaplanet disclosed all material transactions through formal announcements and regulatory filings, arguing that the accusations stem from misinterpretations of financial statements rather than undisclosed conduct.
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September Bitcoin Purchases Become Focal Point
The dispute intensified around four Bitcoin purchases completed in September 2025, transactions that critics claimed were executed near a local market peak without adequate transparency for investors monitoring treasury exposure. Corporate records show that Metaplanet acquired 1,009 BTC on Sept. 1 and 136 BTC on Sept. 8, followed by significantly larger purchases of 5,419 BTC on Sept. 22 and 5,268 BTC on Sept. 30, with each transaction reflected on the company’s public treasury dashboard and mirrored by independent tracking platforms.
Gerovich stated that each acquisition was disclosed shortly after execution and emphasized that the timing, size, and cumulative holdings remain verifiable through publicly accessible filings, countering the narrative that the company quietly accumulated Bitcoin without informing shareholders in a timely manner.
Derivatives Exposure and Reported Net Loss
Beyond direct Bitcoin purchases, scrutiny has also focused on Metaplanet’s use of put options and structured trades, which critics suggested may have amplified financial risk during periods of market volatility while obscuring the full extent of potential losses. Gerovich explained that the company’s strategy involved selling put options and put spreads with the objective of acquiring Bitcoin below prevailing market prices while generating income from volatility premiums, describing the approach as structured treasury management rather than speculative positioning.
Financial disclosures added complexity to the controversy, as Metaplanet reported fiscal 2025 revenue of 8.9 billion yen, approximately $58 million, representing a 738% year on year increase, while also recording a net loss of about $680 million due primarily to the decline in Bitcoin’s market value during the reporting period. Gerovich stated that these losses largely reflect non cash accounting adjustments required under asset valuation standards, maintaining that revenue growth and operating performance offer a broader measure of the company’s financial position.
Credit Facility Details and Confidentiality Concerns
Additional attention has centered on Metaplanet’s Bitcoin backed credit facility, which the company established in October 2025 before disclosing subsequent drawdowns in November and December, including borrowing amounts, collateral structure, and general interest terms intended to provide investors with insight into its financing framework. However, the lender’s identity and precise interest rate were not made public, a decision Gerovich attributed to counterparty confidentiality requirements rather than any effort to obscure material information.
He maintained that borrowing conditions remain favorable and that the company’s balance sheet continues to withstand Bitcoin price volatility, even as scrutiny intensifies around publicly listed firms whose treasury models are closely tied to cryptocurrency performance.
In conclusion, the disclosure storm has heightened pressure on corporate Bitcoin holders, yet Metaplanet continues to deny any cover up and asserts that its reporting record remains transparent, documented, and accessible to investors.
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