Metaplanet’s boss this week adamantly disagreed with social media critics, saying they were getting the story wrong about the company’s huge Bitcoin purchases, options bets and borrowing that have spooked some investors.
Simon Gerovich said the company publicized each purchase and its own live dashboard and external trackers confirmed the movements.
The company reportedly purchased blocks of Bitcoin in September 2025, and those transactions are visible on public trackers. One such tracker, Bitcointreasuries.net, lists purchases along with a statement from the company.
What was disclosed
According to the CEO, all major acquisitions and options trades were flagged in real time. He accused anonymous accounts of reading returns incorrectly or treating them as if they were trying to hide bookkeeping changes.
It’s easy to hide behind anonymous accounts and blame and flame others without taking any responsibility. However, I have no qualms about publicly taking responsibility for everything I say and Metaplanet’s actions. Therefore, we will respond directly to each claim received. … https://t.co/e0ieMGq29N
— Simon Gerovich (@gerovich) February 20, 2026
Whether that calms critics will depend on what investors expect from companies whose balance sheets are dominated by Bitcoin. Many people will accept discreet disclosure. Others seek clarity when purchases are made near price peaks.
Selling puts and building option spreads was championed over time as a way to get Bitcoin cheap and generate steady options income. This is a strategy some companies have adopted. You get paid by obligating yourself to buy at a certain price.
However, sudden market changes can result in huge paper losses. Some investors have heard of it as an “income strategy.” Some people hear “long-standing risks.”
Metaplanet is a company that only cares about how to extort money from shareholders.
Failure to disclose necessary information to shareholders.First of all, the most dishonest thing is not to announce it right away even if you buy BTC (buy it with shareholder money 😓)… https://t.co/KEYOXsTzui pic.twitter.com/dHK2KSRj52
— Mean and abusive otter (@tenb1) February 18, 2026
How to measure loss
According to reports, the company posted strong operating numbers related to options income, but still posted large net losses due to the decline in Bitcoin’s market value.
Metaplanet reported fiscal year 2025 sales of 8.9 billion yen (approximately $58 million), while net loss was approximately $680 million, reflecting the mark-to-market accounting of its Bitcoin holdings.
*Metaplanet gets an additional 1,009 $BTCtotal holdings reach 20,000 BTC* pic.twitter.com/kwvUkQaFth
— Metaplanet Co., Ltd. (@Metaplanet) September 1, 2025
This accounting approach means that while the cash generated from trading and options activities has increased, the value of Bitcoin on the balance sheet has declined, making the reported net income appear negative.
These accounting rules can result in large non-cash losses for companies holding Bitcoin during market downturns. Investors and creditors often consider these numbers when assessing a company’s financial condition and risk exposure.
Loan and counterparty details
Mr. Gerovich acknowledged that the loan facility was established and the drawdown was disclosed in subsequent filings, but he also said the lender asked that its name and exact interest rate be kept private.
While this type of secrecy is common in the financial industry, the lack of complete details raises concerns when volatile assets back the loan.
The company said the structure was reportedly favorable, but critics warned that the opaque terms could mask a potential trigger for forced asset sales.
Featured images from Pexels, charts from TradingView
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