Metaplanet CEO Simon Gerovich responded publicly to social-media criticism about the company’s reported unrealized Bitcoin losses, cited at roughly $1.2 billion. He positioned the drawdown as mark-to-market noise inside a deliberate treasury architecture built to increase Bitcoin per share through options and credit facilities.
The exchange is a practical case study for corporate finance teams evaluating crypto treasury strategies under traditional reporting optics. It highlights how headline paper losses can coexist with a stated non-liquidation posture and reported operating revenue gains, creating a messaging and governance gap for institutional stakeholders.
匿名アカウントの裏に隠れて、何の責任も負うことなく他者を非難し、炎上させることは簡単です。しかし、私は自らの発言とメタプラネットの行動すべてに対して公の場で責任を負うことに何の抵抗もありません。そのため、寄せられている各主張に対して、直接お答えします。… https://t.co/e0ieMGq29N
— Simon Gerovich (@gerovich) February 20, 2026
Disclosure and Transparency Claims
Gerovich said Metaplanet disclosed purchases, option structures, and borrowings as they occurred and pointed to public on-chain addresses plus a shareholder dashboard for live visibility into holdings. He also cited four Bitcoin purchases in September 2025 as examples of timely announcements that were reflected on public trackers.
He described the firm’s derivatives program, referenced in coverage as selling put options and put spreads, as a procurement mechanism rather than a short-term directional trade. In his framing, the options book is a volatility-monetization layer designed to feed BTC into custody at targeted entry levels and reduce effective acquisition cost over time.
Financial Optics and Capital Structure Signals
Metaplanet’s reported FY2025 figures included a ¥665.8 million unrealized valuation loss, and the same reporting cited a net loss of about $619 million for the period. Gerovich emphasized these were unrealized valuation swings tied to price movements and reiterated a corporate policy of not selling Bitcoin.
At the same time, outlets cited a sharp 2025 operational expansion, including a 738% increase in revenue and a 1,694% jump in operating profit, with Bitcoin activities accounting for roughly 95% of sales. He also pushed back on claims the hotel business was failing by citing ¥437 million in revenue and ¥169 million in operating profit in FY2025.
On funding, Gerovich said the company issued three announcements around an October 2025 credit facility and subsequent drawdowns in November and December, disclosing amounts, collateral, and purpose. He said the company did not name lenders or publicize precise interest rates due to counterparties’ requests, while reporting stated Metaplanet holds about 35,102 BTC.
For treasurers and institutional investors, the operational takeaway is less about the argument on X and more about the control surface behind the strategy. A derivatives-based acquisition pipeline can increase holdings while amplifying interim mark-to-market volatility, so liquidity terms, collateral arrangements, and disclosure cadence often matter more than headline net income in counterparties’ risk models.