Metaplanet (OTC:MTPLF) CEO Simon Gerovich fired back at critics claiming the company lacks transparency and mismanaged Bitcoin (CRYPTO: BTC) purchases, defending a 23% stock decline versus BTC’s 24% drop as proof the strategy works.
The Transparency Defense
Gerovich published a detailed rebuttal on X on Friday, addressing accusations that Metaplanet engaged in dishonest disclosures and concealed high-priced Bitcoin purchases. He called the claims factually incorrect.
“It’s easy to hide behind an anonymous account, criticize others, and stir up flame wars without taking any responsibility whatsoever,” Gerovich wrote.
“However, I have absolutely no hesitation about publicly taking full responsibility for every single statement I make and every action Metaplanet takes,” he added.
All Bitcoin addresses are publicly available on a live dashboard for shareholders to check holdings in real time. Gerovich said this makes Metaplanet “one of the most transparent listed companies in the world.”
The September Peak Purchases
Critics attacked Metaplanet for buying Bitcoin during September’s local peak. Since then, Bitcoin has fallen over 40% from around $114,000 to current levels near $68,000.
Gerovich acknowledged the timing but defended the approach.
“Yes, September turned out to be a local top — we’re not denying that,” he said. “But our strategy isn’t about timing the market. It’s about systematically and long-term accumulating Bitcoin, regardless of the price level at which it’s trading.”
Metaplanet made four Bitcoin purchases in September, all promptly announced at the time. The company continues accumulating toward a target of 210,000 BTC by 2027, funded by operating cash flows and capital raises.
The Financial Results
Metaplanet reported a net loss of 95 billion yen ($619 million) for 2025, driven primarily by a 102.2 billion yen ($665.8 million) unrealized valuation loss on Bitcoin holdings.
However, Gerovich argued this metric is meaningless for a Bitcoin treasury company with no intention of selling.
Operating profit surged 1,695% year-over-year to 6.29 billion yen ($41 million), which Gerovich said demonstrates strategy strength.
The company sells put options to acquire Bitcoin at lower effective costs, leveraging volatility for shareholder benefit.
Bitcoin per share increased over 500% in 2025, the company’s primary KPI. Gerovich argued critics misread financial statements by focusing on unrealized losses rather than operational performance.
The Stock Performance
Metaplanet’s Tokyo-listed stock has slumped 63% over six months to 307 yen ($1.98), while U.S. OTC shares dropped 64.6% to $2.02.
However, Gerovich defended this by comparing it directly to Bitcoin’s performance.
“Even in this year’s down market, our stock fell 23% while Bitcoin fell 24% — we have not underperformed,” he said.
Image: Shutterstock
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