When a company decides to turn itself into a Bitcoin-focused treasury business, questions are bound to follow. That’s exactly what has been happening around Metaplanet in recent weeks. After an anonymous post on X accused the firm of hiding losses and buying Bitcoin at the wrong time, CEO Simon Gerovich stepped forward with a detailed public response. His message was pretty direct, stating that the company has been transparent from day one.
Metaplanet has become one of Asia’s most talked-about corporate Bitcoin buyers. The Tokyo-listed firm began shifting toward a Bitcoin accumulation model in 2024, drawing comparisons to MicroStrategy in the United States.
Since then, it has steadily added to its Bitcoin holdings, often announcing purchases shortly after they were made. As of its latest FY2025 report, it holds 35,102 BTC, making it the fourth-largest publicly listed institutional Bitcoin holder globally.
Jemi Motesho
Critics argue that some of these buys came when prices were already high. Gerovich doesn’t deny that. Instead, he says the company isn’t trying to guess short-term market moves. “These funds are actively managed as option positions. A portion of these funds has been used to purchase Bitcoin for long-term holding, a decision we promptly disclosed when made,” he explained.
At the center of the criticism was the claim that Metaplanet failed to fully disclose its activity. Gerovich strongly rejected that. He pointed to public filings, press releases, and a live dashboard that shows wallet addresses and total holdings. According to him, every Bitcoin purchase has been disclosed promptly, even when prices were near local highs. He stressed that transparency isn’t optional for a public company in Japan.
How Metaplanet Uses Options to Accumulate Bitcoin
The CEO also addressed concerns about the company’s use of options. Gerovich said the opposite is true. He explained in simple terms that selling put options can help the company earn premium income, which lowers the effective cost of buying Bitcoin. A put option is a contract where someone pays the company a fee for the right to sell Bitcoin to Metaplanet at a fixed price in the future.
If the company sells a put at a certain price and collects a premium, that premium reduces the final purchase cost if the option is exercised. In his view, this approach isn’t speculation, but a way to accumulate Bitcoin more efficiently during volatile markets.
Like other Bitcoin treasury companies, Metaplanet has used credit facilities to increase its buying power. Critics questioned the details of those loans. Gerovich said the company disclosed the existence of the facilities, the drawdowns, and the collateral terms.
But he acknowledged that some lender details and specific interest rates weren’t made public at the counterparty’s request. He insisted that all agreements followed disclosure rules and were approved properly.
Beyond Bitcoin, Gerovich reminded investors that Metaplanet still operates a traditional business. Beyond Bitcoin, Gerovich reminded investors that Metaplanet still operates a traditional business. While the company has repositioned itself around digital assets, its hotel segment remains active. In fiscal 2025, the hotel business contributed 436.9 million yen (~$2.8 million) in revenue. Compared to the billions generated from Bitcoin-related activity, that figure is modest, but it shows the company isn’t solely dependent on crypto for operating income.
Accounting rules require unrealized gains and losses to be reflected on paper, even if the company doesn’t sell its holdings. For Gerovich, operating profit and Bitcoin per share are better indicators of performance.
The debate around Metaplanet reflects a bigger conversation happening globally. As more public companies add Bitcoin to their balance sheets, investors are asking harder questions. They want to know how purchases are funded, how risks are managed, and how much information is shared. In Japan, where corporate governance standards are strict, these questions carry even more weight.
Jemi Motesho
