Online readers have asked questions about how Metaplanet handles its money and what it tells investors. Metaplanet is a publicly listed company from Japan. In the last six months, the company faced more market ups and downs, a situation investors call volatility. During this time, Metaplanet shifted more money into its income business. It also used a type of trading tool called put options and put spreads. Put option and put spread are different ways to manage risk or try to benefit from price movements. A put option is a contract that gives the buyer the right to sell something at a set price by a certain date. A put spread uses two or more put options with different prices to limit loss and cost. To make sense of this, think about protecting a prized item by agreeing on a selling price in advance, but with different plans for how much you might have to pay or earn if the price changes.
The claims also say that Bitcoin purchases were not disclosed quickly enough. One large Bitcoin buy happened close to the September price high and was paid for with money raised from an overseas public offering. An Initial public offering (IPO) is when a private company sells shares to the public for the first time to raise money. After this buy, some people said there were long periods with no updates about the company’s Bitcoin holdings.
In his latest post on X, the social platform that used to be called Twitter, Metaplanet’s chief executive Simon Gerovich addressed these criticisms. He said that part of the funds were used to buy Bitcoin for long‑term holding. He also said these purchases were disclosed at the time they were made. He added that all Bitcoin addresses are publicly available and can be watched through a live dashboard. This dashboard lets shareholders see holdings in real time. Gerovich claimed that Metaplanet is one of the most transparent listed companies in the world. (For more about Bitcoin, see the following explanation: Bitcoin is the first decentralized cryptocurrency, a digital form of money that people can send to each other without a bank or other central authority.)
Metaplanet said it made four Bitcoin purchases in September and announced all of them promptly. Gerovich said September was a local peak in price, but the company’s plan is not to time the market. In other words, the company does not try to buy only when prices are low. Instead, it focuses on accumulating Bitcoin over the long term in a steady way. And, he said, every purchase is disclosed no matter what the price was at the time. (If you’re wondering what Bitcoin is, it is the first decentralized cryptocurrency mentioned earlier.)
On the topic of options trading, Gerovich said the criticism came from a misunderstanding of the financial statements. He explained that selling put options is not a bet that Bitcoin’s price will rise. Rather, it is a way to earn money from the option’s premium. This money can lower the actual cost of buying Bitcoin if the company later purchases it at a price below the current market price. In simple terms, selling puts can provide income that helps reduce how much money the company needs to spend to buy Bitcoin later. He added that this strategy helped reduce effective acquisition costs in the fourth quarter. He also noted that Bitcoin per share, which is a main measure of performance for the company, increased by more than 500% in 2025. (To understand what Bitcoin is again, see the note above.)
Regarding financial statements, Gerovich said net profit is not the best way to judge a Bitcoin treasury company. He pointed to an operating profit of 6.2 billion yen, which shows a year‑over‑year growth of about 1,694%. He explained that the ordinary loss shown in reports comes mainly from unrealized changes in the value of long‑term Bitcoin holdings, and the company does not intend to sell these holdings soon. In other words, the company expects the value of Bitcoin to change as time passes, and some of those changes may not count as actual losses until a sale happens. This concept is known as an unrealized valuation change.
Three disclosures were made about borrowings. The first disclosure happened when a credit facility was created in October. The second and third disclosures came when funds were drawn in November and December. The company said it disclosed borrowing amounts, the collateral used, the structure of interest rates, the purposes of the loans, and the general terms. However, the exact identity of the lender and the exact interest rate levels were not disclosed because the counterparty asked for confidentiality. In loan language, a line of credit is a flexible loan that lets a borrower draw money up to a limit over time, paying interest only on the money actually borrowed. The company still shared what mattered publicly: how much was borrowed, what the loan was for, and how it would be paid back.
In summary, Gerovich defended the company’s Bitcoin strategy by saying the disclosures are open and the actions taken are part of a long‑term plan. He argued that the criticisms come from a lack of understanding of the company’s methods and the true purpose of the financial moves. He emphasized that the goal is not to chase short‑term price moves but to build a Bitcoin position steadily over time, while using approved financial tools in a transparent way. Critics may disagree, but Metaplanet presented its view that transparency and long‑term thinking should guide its decisions.
For readers who want to know more about the key terms used in this story: a Bitcoin is the first decentralized cryptocurrency. A put option gives the buyer the right to sell an asset at a predetermined price by a certain date. A put spread uses multiple put options to limit risk and cost. A line of credit is a flexible loan with a maximum limit. An Initial public offering (IPO) is the process of a private company selling shares to the public for the first time. These definitions help readers understand what the report describes and why the company makes certain financial choices.
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