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Metaplanet's boss strongly declined this week, saying critics on social media had misunderstood the story of huge Bitcoin purchases, options betting and borrowing that had rattled some investors.
Simon Gerovich said the corporate made every purchase public and that its own live dashboard and external trackers confirmed the moves.
The company reportedly purchased Bitcoin blocks in September 2025 and these deals appear on public trackers. One such tracker, Bitcointreasuries.net, lists the purchases together with the corporate's statements.
What was disclosed
According to the CEO, every major acquisition and options trade was flagged in real time. He accused anonymous reports of misinterpreting documents and treating accounting changes like attempts at concealment.
It's easy to cover behind anonymous accounts and blame and shame others without taking responsibility. However, I actually have no qualms about publicly taking responsibility for the whole lot I say and for Metaplanet's actions. We will due to this fact respond on to every criticism received. … https://t.co/e0ieMGq29N
— Simon Gerovich (@gerovich) February 20, 2026
Whether that appeases critics is dependent upon what investors expect from an organization whose balance sheet consists primarily of Bitcoin. Many will accept careful disclosure; others want additional clarity when purchases occur near price peaks.
Selling puts and constructing options spreads have been defended as a strategy to acquire Bitcoin more cheaply over time and generate stable options income. This is a technique some firms use: they get you paid to make a commitment to purchase at certain prices.
However, within the event of a pointy market reversal, outsized paper losses can occur. Some investors hear about “income strategy.” Others hear “long-term risk.”
Metaplanet is an organization that only cares about extorting money from shareholders🤮
Failure to reveal needed information to shareholders.
First of all, even if you happen to buy BTC (buy it with shareholder money 😓), probably the most dishonest thing just isn’t to announce it immediately … https://t.co/KEYOXsTzui pic.twitter.com/dHK2KSRj52
— Mean and Abusive Otter (@tenb1) February 18, 2026
How losses were measured
The company reportedly posted strong operating numbers tied to options earnings, but still posted a big net loss as Bitcoin's market value fell.
Metaplanet reported fiscal 2025 revenue of 8.9 billion yen (roughly $58 million) while recording a net loss of roughly $680 million because of mark-to-market accounting of its Bitcoin holdings.
*Metaplanet acquires one other $1,009 BTC, total holdings reach 20,000 BTC* pic.twitter.com/kwvUkQaFth
— Metaplanet Inc. (@Metaplanet) September 1, 2025
The accounting approach signifies that while money generated from trading and options activities increased, reported net profit looked negative because of the decline in the worth of Bitcoin on the balance sheet.
BTCUSD is currently trading at $68,172. Chart: TradingView
These accounting requirements can lead to large non-cash losses for firms holding Bitcoin during market downturns. Investors and creditors often consider these numbers when assessing the corporate's financial condition and risk exposure.
Image: Da-kuk via Getty Images
Loan and counterparty details
Gerovich confirmed that a line of credit was established and that drawdowns were disclosed in subsequent filings, but additionally said the lender asked that its name and exact rates of interest be kept secret.
This style of confidentiality is common in finance, but when volatile assets support loans, the shortage of complete details raises concerns.
The structure was reportedly favorable to the corporate, but critics warn that opaque terms could hide potential triggers for forced asset sales.
Featured image from Pexels, chart from TradingView
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