Metaplanet’s CEO, Simon Gerovich, has dismissed claims of insincerity regarding the firm’s disclosure of its Bitcoin purchasing activities as “inflammatory and contrary to the facts.” He stressed that the company has consistently disclosed its Bitcoin acquisitions, wallet addresses, and investment strategies fully and transparently.

The comments come amidst online accusations doubting Metaplanet’s transparency, particularly concerning significant Bitcoin purchases made during the recent market fluctuations. Critics have alleged that these transactions were not made public in a timely manner, specifically highlighting a large buy conducted close to the market’s September peak, facilitated by funds from an overseas public offering.

Gerovich’s Response

In a recent statement on X, Gerovich clarified that part of the resources from these funds was used for long-term Bitcoin holdings, which were disclosed at the time. He also pointed out that all Bitcoin wallet addresses are publicly accessible via a live dashboard for shareholders to monitor real-time holdings. Gerovich reiterated Metaplanet’s commitment to transparency as a publicly listed company.

During September, Metaplanet completed four significant Bitcoin purchases, all of which were promptly announced. While this period saw record prices, he maintained that the company’s approach was about systematic long-term accumulation rather than market timing, asserting that every purchase, regardless of price, is disclosed.

Regarding the criticism of options trading strategies, Gerovich mentioned that selling put options is not merely a bet on rising Bitcoin prices; rather, it is a strategy allowing the company to buy Bitcoin below the market price by generating premium income. He indicated that this approach helps in decreasing effective acquisition costs, with Bitcoin per share jumping more than 500% expected in 2025.

Financial Statements and Debt Clarified

Addressing financial metrics, Gerovich explained that net profit does not adequately reflect the performance of a Bitcoin treasury firm. He cited an operating profit of 6.2 billion yen, representing a remarkable year-on-year growth of 1,694%. He indicated that the ordinary losses reported stem solely from unrealized declines in long-term Bitcoin valuations, which the company does not plan to liquidate.

Also, three disclosures pertaining to borrowings were made, including the establishment of a credit facility in October and subsequent withdrawals in November and December. However, details about the lender and specific interest rates remained undisclosed at the lender’s request, though Gerovich assured that the conditions were advantageous for Metaplanet.