Metaplanet’s boss this week adamantly disagreed with social media critics, saying they had been getting the story improper concerning the firm’s large Bitcoin purchases, choices bets and borrowing which have spooked some traders.
Simon Gerovich mentioned the corporate publicized every buy and its personal dwell dashboard and exterior trackers confirmed the actions.
The corporate reportedly bought blocks of Bitcoin in September 2025, and people transactions are seen on public trackers. One such tracker, Bitcointreasuries.web, lists purchases together with a press release from the corporate.
What was disclosed
In keeping with the CEO, all main acquisitions and choices trades had been flagged in actual time. He accused nameless accounts of studying returns incorrectly or treating them as in the event that they had been making an attempt to cover bookkeeping modifications.
It is simple to cover behind nameless accounts and blame and flame others with out taking any duty. Nonetheless, I’ve no qualms about publicly taking duty for every thing I say and Metaplanet’s actions. Due to this fact, we are going to reply instantly to every declare obtained. … https://t.co/e0ieMGq29N
— Simon Gerovich (@gerovich) February 20, 2026
Whether or not that calms critics will rely upon what traders count on from an organization whose steadiness sheet is essentially Bitcoin. Many individuals will settle for discreet disclosure. Others search readability when purchases are made close to value peaks.
Promoting places and constructing choice spreads was championed over time as a method to get Bitcoin low-cost and generate regular choices revenue. It is a technique some corporations have adopted. You receives a commission by obligating your self to purchase at a sure value.
Nonetheless, sudden market modifications may end up in large paper losses. Some traders have heard of it as an “revenue technique.” Some individuals hear “long-standing dangers.”
Metaplanet is an organization that solely cares about tips on how to extort cash from shareholders🤮
Failure to reveal crucial info to shareholders.Initially, probably the most dishonest factor is to not announce it instantly even in case you purchase BTC (purchase it with shareholder cash 😓)… https://t.co/KEYOXsTzui pic.twitter.com/dHK2KSRj52
— Imply and abusive otter (@tenb1) February 18, 2026
Find out how to measure loss
In keeping with experiences, the corporate posted robust working numbers associated to choices revenue, however nonetheless posted massive web losses as a result of decline in Bitcoin’s market worth.
Metaplanet reported fiscal yr 2025 gross sales of 8.9 billion yen (roughly $58 million), whereas web loss was roughly $680 million, reflecting the mark-to-market accounting of its Bitcoin holdings.
*Metaplanet will get a further 1,009 $BTCwhole holdings attain 20,000 BTC* pic.twitter.com/kwvUkQaFth
— Metaplanet Co., Ltd. (@Metaplanet) September 1, 2025
This accounting method implies that whereas the money generated from buying and selling and choices actions has elevated, the worth of Bitcoin on the steadiness sheet has declined, making the reported web revenue seem unfavorable.
These accounting guidelines may end up in massive non-cash losses for corporations holding Bitcoin throughout market downturns. Buyers and collectors typically contemplate these numbers when assessing an organization’s monetary situation and threat publicity.
Mortgage and counterparty particulars
Mr. Gerovich acknowledged that the mortgage facility was established and the drawdown was disclosed in subsequent filings, however he additionally mentioned the lender requested that its identify and actual rate of interest be stored personal.
Whereas any such secrecy is frequent within the monetary trade, the shortage of full particulars raises issues when risky property again the mortgage.
The corporate mentioned the construction was reportedly favorable, however critics warned that the opaque phrases may masks a possible set off for pressured asset gross sales.
Featured photographs from Pexels, charts from TradingView
