Won’t Deny It: Metaplanet CEO Admits Buying Bitcoin at the Peak, Defends Strategy

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Metaplanet CEO Simon Gerovich has directly addressed anonymous claims that the company hid Bitcoin purchases, failed at options trading, and kept borrowing details from shareholders. Bitcoin is down 45% from its October high and now trades around $68,000.

Metaplanet shares have dropped roughly 85% from their 2025 peak.

Did Metaplanet Buy Bitcoin at the Top and Stay Silent?

One of the biggest claims was that Metaplanet bought Bitcoin at the September peak using money from a public offering and then went quiet until the price recovered.

Gerovich confirmed the company made four Bitcoin purchases in September and said each one was announced when it happened. All wallet addresses are public, and shareholders can check holdings in real time through the company’s live dashboard.

Read Also: How Much Bitcoin Is Left to Buy? Real Supply Is Below 21 Million

Metaplanet’s Options Strategy Explained

Critics said selling put options was a directional bet on Bitcoin going up, and that it failed. Gerovich disagreed.

He explained that if Bitcoin’s spot price is $80,000 and the company sells a put at that level with a $10,000 premium, the effective purchase cost drops to $70,000. That gives Metaplanet better terms than buying on the open market.

Bitcoin per share, the company’s primary KPI, rose over 500% in 2025.

What About the Financial Results?

Gerovich said net profit is not the right way to evaluate a Bitcoin treasury company. He pointed to operating profit of 6.2 billion yen, up 1,694% year-over-year. The net loss comes from unrealized price changes on Bitcoin the company does not plan to sell.

He also shut down claims that Metaplanet’s hotel business is “in ruins,” noting it recorded 437 million yen in revenue and 169 million yen in operating profit in FY2025.

On borrowing, the company disclosed terms, collateral, and amounts across three separate announcements. Lender names and exact interest rates were kept private at the lender’s request, not Metaplanet’s.

Metaplanet holds 35,102 BTC. Shares trade at 307 yen. Gerovich, a major shareholder himself, said every yen raised has been used exactly as the company disclosed.