‘We have not underperformed’: Metaplanet CEO pushes back against online criticism

Metaplanet CEO Simon Gerovich has directly addressed recent online criticism of the company’s transparency and bitcoin (BTC) strategy.

On Friday, Gerovich published an X post pushing back against one online post accusing Metaplanet of engaging in dishonest disclosures, concealing high-priced bitcoin purchases, and mismanaging its strategy.

“It’s easy to hide behind an anonymous account, criticize others, and stir up flame wars without taking any responsibility whatsoever,” Gerovich wrote in a translated statement. “However, I have absolutely no hesitation about publicly taking full responsibility for every single statement I make and every action Metaplanet takes.”

He specifically rebutted claims of non-transparent or untimely disclosures on bitcoin purchases and borrowing activities as “factually incorrect,” noting that all of its bitcoin addresses are publicly available on a live dashboard for shareholders.

Gerovich clarified that while Metaplanet detailed its borrowing terms and collateral, it withheld the lender’s identity and exact interest rates to satisfy a confidentiality request from the counterparty.

Defending BTC strategy

The Metaplanet CEO also addressed criticism of the company’s purchase of bitcoin during its September 2025 peak. Since the end of September, the bitcoin price has fallen by more than 40%, from around $114,000 to its current price of $67,900.

“Yes, September turned out to be a local top — we’re not denying that,” Gerovich said. “But our strategy isn’t about timing the market. It’s about systematically and long-term accumulating bitcoin, regardless of the price level at which it’s trading.”

The ongoing market downturn led Metaplanet to report a net loss of 95 billion yen ($619 million) for 2025, driven primarily by a 102.2 billion yen ($665.8 million) unrealized valuation loss on its bitcoin holdings.

Despite the headline loss, Gerovich said operating profit surged 1,695% year-over-year to 6.29 billion yen ($41 million), which he argued demonstrates the strength of Metaplanet’s strategy. He pointed to the company’s bitcoin-related income activities, including selling put options to accumulate bitcoin at lower effective prices, and said unrealized losses on long-term holdings are not meaningful because the company has no intention of selling them.

“Even in this year’s down market, our stock fell 23% while bitcoin fell 24% — we have not underperformed,” Gerovich said. “Every yen we’ve raised has been deployed exactly as disclosed and in line with the strategy we’ve clearly outlined.”

Metaplanet’s Tokyo-listed stock has slumped 63% over the last six months to 307 yen ($1.98), while its U.S. OTC shares mirrored that decline with a 64.6% drop, closing Thursday at $2.02. Still, the company continues its long-term bitcoin accumulation toward a target of 210,000 BTC by 2027, funded by operating cash flows and capital raises.