Metaplanet’s president staunchly opposed critics on social media this week, saying they had misreported stories about large-scale Bitcoin purchases, options betting and borrowing that have rattled some investors.
Simon Gerovich said the company disclosed all purchases and that its own real-time dashboard and external trackers confirmed the movements.
According to the report, the company purchased a Bitcoin block in September 2025, and the transaction appears on its public tracker. One such tracker, Bitcointreasuries.net, lists your purchase history along with company statements.
What was revealed
According to the CEO, all major acquisitions and options transactions were displayed in real time. He called out the anonymous account for reading the documents the wrong way and treating the ledger changes like an attempt at a cover-up.
It’s easy to hide behind an anonymous account and blame and sinister others without taking any responsibility. However, I have no resistance to being held accountable in public for my words and all of Metaplanet’s actions. Therefore, I will directly respond to each claim being made. … https://t.co/e0ieMGq29N
— Simon Gerovich (@gerovich) February 20, 2026
Whether that will appease critics will depend on what investors expect from a company whose balance sheet is mostly bitcoin. Many people will accept discreet disclosure. Others want additional clarity when buying occurs near a price peak.
Selling puts and building option spreads has been advocated as a way to buy Bitcoin cheaper and generate steady options profits over time. This is a strategy some companies use. That is, you receive money in return for fulfilling your obligation to purchase at a certain price.
However, when markets change rapidly, this can lead to huge paper losses. Some investors hear the term “income strategy.” Others hear the term “old hazards.”
Metaplanet is a company that only cares about how to extract money from shareholders 🤮
Necessary information is not disclosed to shareholders.First of all, the most unfaithful thing is that they will not announce the purchase of BTC any time soon (they bought it with shareholders’ money 😓)… https://t.co/KEYOXsTzui pic.twitter.com/dHK2KSRj52
— Otter of the Obnoxious Rant (@tenb1) February 18, 2026
How to measure loss
According to the report, the company posted strong operating numbers tied to options revenue, but still posted a large net loss due to the decline in the market value of Bitcoin.
Metaplanet reported fiscal 2025 revenue of 8.9 billion yen (about $58 million), while net loss was about $680 million, reflecting mark-to-market accounting for its Bitcoin holdings.
*Meta Planet acquired 1,009 additional units $BTCTotal holdings reach 20,000 BTC* pic.twitter.com/kwvUkQaFth
— Metaplanet Co., Ltd. (@Metaplanet) September 1, 2025
The accounting approach means that cash generated from trading and options activity has increased, while reported net income has been negative due to the decline in the value of Bitcoin on the balance sheet.
These accounting rules can result in significant 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.
Borrowing and counterparty details
Gerovich confirmed that a line of credit was in place and that the withdrawal amount was disclosed in subsequent documents, but said the lender asked that the name and exact interest rate be kept private.
This type of confidentiality is common in the financial sector, but when volatile assets secure loans, the lack of detail is a cause for concern.
According to the company, although reports say the structure was amicable, critics warn that opaque terms could hide potential triggers for forced asset sales.
Featured image from Pexels, chart from TradingView
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