Simon Gerovich, the CEO of the Japanese public company Metaplanet, has issued a detailed rebuttal to viral allegations from an anonymous investor that the firm failed to properly disclose key activities related to its Bitcoin holdings. In a response on February 20, 2026, Gerovich labeled the accusations as "inflammatory and contrary to the facts."
The controversy began with a February 18 post from Japanese user @tenb1, who accused Metaplanet of "crushing shareholders." The critic claimed the company relied too heavily on investor-funded Bitcoin purchases, delayed disclosing significant September purchases made near local price highs, and lacked transparency regarding its options strategy and loan terms, suggesting regulators should examine the situation.
Gerovich countered point-by-point. He asserted that all Bitcoin purchases were disclosed on schedule and remain publicly verifiable via the company's live dashboard, noting four separate purchases in September, each announced immediately. He defended the options strategy, explaining that selling put options is a method to reduce the net acquisition cost of Bitcoin, not a directional bet. Regarding loans, the CEO stated the company made three separate disclosures about its credit line and drawdowns, omitting some lender details and exact fees at the counterparty's request.
The dispute unfolds as Metaplanet faces mounting paper losses on its Bitcoin treasury. According to data from CoinGecko, the company holds over $1.2 billion in unrealized Bitcoin losses. Gerovich attributed reported accounting losses solely to mark-to-market fluctuations on unsold holdings, while highlighting that Metaplanet's operating profit surged to 6.2 billion yen in 2025, a 1,694% year-over-year increase.
The crypto community remains divided. Supporters praised the CEO's direct engagement, while critics continue to demand more detailed disclosures, especially on financing terms. The episode highlights the growing pressure on public companies adopting aggressive Bitcoin treasury strategies, like the MicroStrategy playbook, to meet traditional securities disclosure standards despite Bitcoin's inherent on-chain transparency.
