Metaplanet chief executive Simon Gerovich has responded to online criticism of the Tokyo-listed company’s Bitcoin treasury approach. The company is listed in Japan under code 3350. The response came as Bitcoin traded near $67,000, after a large pullback from a prior peak.
Gerovich addressed three main areas. These were disclosure, an options-based accumulation plan, and the state of the company’s hotel operations. He said the strategy is built for long-term holding and steady accumulation, not short-term trading.
Market Decline and Share Performance Shape Debate
The criticism intensified during a period of weaker crypto prices. Bitcoin was down close to half from an earlier all-time high. At the same time, Metaplanet shares were described as down about 85% from their 2025 high.
Against that backdrop, commentators questioned timing and reporting. Some posts claimed the company bought at unfavorable levels. Others suggested the firm was not clear enough about its purchases.
The critic on X posted,
“Metaplanet is a company that only thinks about how to squeeze money out of shareholders. They refuse to disclose the information that shareholders need. First, the most dishonest thing is that they don’t announce BTC purchases right away.”
Gerovich responded that he accepts responsibility for public statements made under his name.
He also criticized the tone of anonymous attacks. Gerovich added that anonymity can make it easier to provoke outrage without accountability. He framed his response as a direct rebuttal to claims about how the company acts and reports.
Options Model Presented as a Systematic Buying Tool
Metaplanet uses options alongside spot purchases. The company sells put options and put spreads. The stated purpose is to earn premium income. It is also intended to support future Bitcoin purchases.
Under this structure, the company collects option premiums when contracts are sold. If Bitcoin falls below a chosen level at expiry, assignment can occur. That can result in buying Bitcoin at the strike price. The approach is meant to seek an entry price below the prevailing market level at the time the options are opened.
Gerovich said selling puts should not be described as a simple bet on a rising price. The aim is to reduce the effective cost over time. He also said the plan will monetize volatility. In his view, that makes the strategy more systematic than a directional trade.
Transparency Claims on Timing and Wallet Disclosure
Additionally, Gerovich noted that Metaplanet discloses purchases in a timely way. He said announcements were made for each Bitcoin purchase. He also pointed to real-time wallet disclosure. That practice allows third parties to verify holdings on-chain.
Metaplanet CEO referred to repeated purchase announcements, including those made in September. At the time of reporting, Bitcoin is up 0.94% over 24 hours, trading at $67,781, with a market cap of $1.35T, while trading volume over 24 hours is $32.88 billion, down 1.27%.
Source: CoinCodex
Metaplanet has been consistent in publishing information and maintaining a high level of transparency among listed companies.
He also addressed concerns about market timing. He said September coincided with a local peak and he did not dispute that point. Even so, he said the company’s purpose is steady accumulation and not built around short-term calls.
Profit Measures and Hotel Operations
Gerovich also challenged how critics judge results. According to the CEO, net profit is not the best metric for a Bitcoin treasury company. Reported earnings can be shaped by Bitcoin price swings, while unrealized losses can appear during drawdowns, even when the strategy is unchanged.
However, criticism focused on unrealized losses reflecting a misunderstanding of the time horizon. The company is not trying to trade in and out, but the approach is closer to accumulation over cycles.
He also rejected claims about the hotel business. Gerovich noted the division is not in ruins and remains profitable. The hotel operation is part of a broader corporate structure that sits alongside the Bitcoin strategy.
Metaplanet CEO Gerovich said the company will continue to communicate its actions and will keep explaining the options model and the reason for its accounting focus.
