Metaplanet CEO Fires Back at Critics as $1.2 Billion Bitcoin Paper Losses Mount
Metaplanet CEO Simon Gerovich fired back at critics, accusing the Japanese Bitcoin-holding firm of misusing shareholder funds and hiding key disclosures.
Why it matters:
Metaplanet holds over $1.2 billion in unrealized Bitcoin losses, making transparency around fund use a direct concern for shareholders
Allegations of undisclosed borrowing against BTC holdings raise governance red flags for public-company crypto investors
The details:
Critics alleged Metaplanet bought BTC at a market top, stayed silent during the drawdown, and borrowed against those holdings without disclosing interest rates or counterparties
Gerovich confirmed Bitcoin wallet addresses are publicly listed, with a live shareholder dashboard tracking holdings in real time
Gerovich called September’s purchase price a “local top” but defended a long-term, non-market-timed strategy
The company reported 6.2 billion yen in operating profit — up 1,694% year-over-year
Gerovich attributed reported accounting losses solely to unrealized mark-to-market BTC fluctuations on unsold holdings
CoinGecko currently tracks Metaplanet’s unrealized BTC losses at over $1.2 billion
The big picture:
Metaplanet follows the MicroStrategy playbook — using equity and debt to accumulate Bitcoin as a primary treasury asset
Corporate BTC holders now face growing pressure to meet traditional disclosure standards as unrealized losses mount across the sector
The allegations expose a structural tension: Bitcoin’s on-chain transparency does not automatically satisfy securities law disclosure requirements
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