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Metaplanet pushes back on claims of hidden BTC transactions after critics accused the company of concealing Bitcoin trade details and losses. The controversy centers on disclosure timing, derivatives exposure, and leveraged Bitcoin treasury strategies. Now, company leadership says the accusations are misleading and based on accounting misunderstandings.
Japan-based Bitcoin treasury firm Metaplanet has publicly rejected allegations that it hid key information about its Bitcoin purchases and options trades. CEO Simon Gerovich responded directly to critics and defended the firm’s Bitcoin reporting and transparency standards.
Metaplanet rejects hidden BTC transaction claims
The debate started after several anonymous commentators on X claimed the company delayed disclosure of major BTC buys and derivatives positions. According to those posts, Metaplanet hid price-sensitive Bitcoin transaction details and failed to clearly explain strategy risks.
*Metaplanet Acquires Additional 1,009 $BTC, Total Holdings Reach 20,000 BTC* pic.twitter.com/kwvUkQaFth
— Metaplanet Inc. (@Metaplanet) September 1, 2025
However, Gerovich said Metaplanet disclosed all Bitcoin purchases, BTC borrowings, and options strategies through official announcements and investor materials. He added that critics misread financial statements and ignored publicly available dashboards.
As a result, he described the hidden BTC transaction claims as inaccurate and incomplete.
September Bitcoin purchases were publicly reported
To support his response, Gerovich highlighted multiple September 2025 Bitcoin purchases. He stated that each BTC acquisition was announced shortly after execution. In addition, the transactions appear on the company’s public treasury dashboard and third-party corporate Bitcoin trackers.
Because of this, Metaplanet argues there was no attempt to hide BTC transactions. Instead, management says the reporting timeline followed standard disclosure practice.
Moreover, the company says real-time treasury tracking tools make it difficult to conceal large Bitcoin buys even if it wanted to.
Bitcoin options strategy explained to investors
Another part of the criticism targets Metaplanet’s Bitcoin derivatives and options strategy. Critics say the firm took excessive risk through put options and structured trades funded with shareholder capital.
In response, Gerovich said the Bitcoin options strategy aims to acquire BTC below spot prices and generate volatility income. He stressed that selling puts and put spreads is a structured treasury method — not short-term gambling.
Furthermore, he noted that derivatives exposure and outcomes were included in financial reports. Therefore, investors had access to the relevant data tied to the BTC strategy.
Accounting losses vs Bitcoin treasury metrics
Metaplanet also reported a large net loss during a Bitcoin price decline period. This figure increased concern around hidden BTC transaction losses. Still, the CEO said this interpretation lacks accounting context.
He explained that most of the loss came from non-cash mark-to-market adjustments on Bitcoin holdings. These accounting rules require firms to record valuation drops even when they do not sell BTC.
At the same time, Metaplanet reported strong revenue growth from Bitcoin-related business lines, including options income. Management believes Bitcoin treasury companies should be measured using broader metrics, not just net profit during volatile periods.
BTC-backed borrowing disclosures defended
Critics also questioned the company’s Bitcoin-backed credit facilities. They argued that key lending terms were not fully disclosed. Gerovich answered that Metaplanet reported borrowing structures, collateral frameworks, and drawdown updates.
However, lender names and exact rates remained private at the counterparty’s request. According to management, this is common in private credit agreements.
He added that the BTC-backed borrowing terms are favorable and that the balance sheet remains stable despite Bitcoin price swings.
Bitcoin treasury firms face wider scrutiny
Metaplanet is not alone. Several Bitcoin treasury companies are under pressure as leveraged BTC strategies grow more popular. Market volatility has increased attention on disclosure quality and risk controls.
One major corporate BTC holder, Strategy, also reported large accounting losses during a Bitcoin downturn while maintaining a long-term accumulation plan.
Therefore, the discussion around hidden BTC transactions, disclosure timing, and Bitcoin treasury risk is likely to continue. For now, Metaplanet maintains that its Bitcoin reporting is complete, timely, and transparent.
Conclusion: Metaplanet denies hidden BTC transactions
In summary, Metaplanet pushes back on claims of hidden BTC transactions and says its Bitcoin purchases, options trades, and BTC-backed borrowings were properly disclosed. The company argues that confusion comes from accounting treatment and misread reports — not hidden data. Investors will likely keep watching how Metaplanet reports future Bitcoin strategy moves.