Tokyo-based Metaplanet, a publicly listed company renowned for its aggressive corporate Bitcoin investments, has recently come under the spotlight regarding its communication practices. Debate has erupted across social media, as some users claim the company falls short in transparency when reporting Bitcoin transactions and updates. These discussions trace back to allegations that Metaplanet fails to keep its shareholders thoroughly informed about its activities.
Social Media Backlash and the Company’s Response
An anonymous post circulating online accuses Metaplanet of moving too slowly in disclosing its Bitcoin purchases, employing risky option strategies that led to losses for shareholders, and concealing key financial details. According to the claims, Metaplanet allegedly bought Bitcoin at market peaks using shareholders’ capital and masked subsequent losses. CEO Simon Gerovich addressed the controversy directly, issuing a comprehensive public statement to counter the accusations.
Examining Transparency and Investment Approaches
Gerovich asserted that Metaplanet has openly announced every Bitcoin transaction at the moment of execution. He also highlighted the company’s commitment to transparency by pointing to a public dashboard that displays Metaplanet’s Bitcoin wallet addresses and live asset balances, allowing real-time monitoring for anyone interested.
The CEO acknowledged that four of Metaplanet’s major Bitcoin purchases occurred during local price highs in September. However, he emphasized that the company follows a long-term accumulation strategy rather than reacting to short-term market fluctuations, suggesting their actions should be viewed in the context of this overarching philosophy.
Metaplanet’s investment roster also features options trading. Gerovich detailed how, by selling put options and pocketing premium income, the company effectively lowers its average Bitcoin acquisition cost. For example, receiving a $10,000 premium for selling a put option at $80,000 per Bitcoin can reduce its actual outlay to $70,000 if the option is exercised.
He further noted that such option strategies have dramatically increased the amount of Bitcoin owned per share—by more than 500 percent in 2025. For Metaplanet, this metric has become a key indicator of performance and value for shareholders.
Financial Results and Borrowing Practices Under the Microscope
Turning to criticism of the company’s negative bottom line, Gerovich argued that conventional profit and loss indicators can misrepresent the real state of Bitcoin-centric corporate balance sheets. He explained that crypto market volatility leads to sharp swings in reported asset values, which may not accurately reflect operational health. Instead, annual gains in operating income offer a more honest picture of Metaplanet’s core business trajectory.
Gerovich added that most of the reported losses stem from accounting adjustments tied to long-term Bitcoin holdings, stressing that these are technical entries with no immediate plans for asset sales.
On the subject of debt, the CEO maintained that Metaplanet has disclosed all critical details about its credit arrangements—including usage and collateral—at the time of each transaction. He explained that the names of lenders and interest rates remain confidential due to lender requirements and in strict adherence to legal disclosure rules.
