Metaplanet CEO Defends Transparency Amid Bitcoin Strategy Scrutiny

Metaplanet's CEO refutes allegations of delayed Bitcoin disclosures as its fiscal 2025 shows a 738% revenue surge but a $619M net loss from BTC holdings.

Metaplanet shares remain under intense investor scrutiny this Friday as Chief Executive Simon Gerovich publicly refutes allegations concerning the company's disclosure practices. The Tokyo-listed firm faces critical questions about its Bitcoin strategy and financial reporting following the release of its fiscal 2025 results and a subsequent share price correction.

Fiscal 2025 Performance: Revenue Surge and Paper Losses

The company's latest annual figures, published earlier this week, revealed a dramatic 738 percent revenue increase to approximately 8.9 billion yen ($58 million). This explosive growth is attributed primarily to the firm's "Bitcoin Income Generation" strategy, which involves earning premiums from selling Bitcoin options.

However, this revenue milestone was accompanied by a substantial net loss of 95 billion yen (about $619 million). Management clarified that this loss is almost entirely due to unrealized valuation declines in its Bitcoin holdings. Under Japanese accounting standards, cryptocurrency assets must be reported at their current market value. Consequently, the recent downturn in Bitcoin's price directly impacted the income statement, even though Metaplanet has not sold its core holdings.

CEO Rejects Claims of Delayed Disclosure

On Friday, February 20, CEO Simon Gerovich addressed accusations circulating on the social media platform X. Anonymous accounts had alleged that the company delayed the publication of material information, specifically pointing to significant Bitcoin purchases and options transactions from September 2025.

Gerovich firmly rejected these claims. He stated that Metaplanet had disclosed all Bitcoin acquisitions, options strategies, and credit agreements "promptly." The four Bitcoin transactions from September 2025 in question were, according to the CEO, made public immediately, as can be verified on the company's public dashboard and treasury page. He characterized the criticism as stemming from a misinterpretation of financial reports rather than any actual failure to disclose.

Analyst Outlook and Corporate Ambitions

The combination of the reported loss and ongoing volatility in the cryptocurrency market has weighed on the stock. Analysts at Cantor Fitzgerald responded to the results by adjusting their price target from $6.00 to $3.00, while maintaining their "Overweight" rating on the shares. The analysts noted that gross margins remain a challenge but suggested the equity appears undervalued relative to the company's Bitcoin treasury.

Metaplanet currently holds 35,102 BTC, ranking it among the world's largest institutional Bitcoin investors. Despite the paper losses on its balance sheet, the company is sticking to its ambitious targets. It aims to hold 100,000 BTC by the end of 2026 and accumulate a total of 210,000 BTC by 2027.