Metaplanet Rebuts Transparency Claims and Defends Options-Funded Bitcoin Accumulation
Tokyo-listed Metaplanet publicly rebutted social-media claims that it hid Bitcoin losses and lacked transparency. CEO Simon Gerovich said the company discloses every Bitcoin trade at execution and publishes wallet addresses and live balances on a public dashboard. He acknowledged four large purchases in September made near local price highs but framed them as part of a long-term accumulation plan. Metaplanet explained it funds Bitcoin buys principally by selling put options and put spreads, using collected premiums to lower effective acquisition cost and increase per-share Bitcoin holdings (which it says rose over 500% in 2025). Reported net losses were attributed mainly to accounting mark-to-market adjustments on long-term holdings rather than undisclosed sales. On borrowing, the company says it has disclosed loan usage and collateral when appropriate but keeps lender identities and rates confidential for contractual and legal reasons. The CEO’s direct social-media statement aims to reassure shareholders on transparency, while prompting debate about corporate disclosure standards for digital-asset treasuries and the extra risk profile options strategies introduce (counterparty/assignment risk and contingent obligations). For traders: monitor Metaplanet’s public dashboard and on-chain flows for token transfers, watch option activity that could signal future buy/sell pressure, and consider that accounting unrealized losses can mask long-term accumulation—so on-chain visibility reduces informational asymmetry but doesn’t remove options-related execution risks.
Neutral
The news is market-neutral for Bitcoin price in the short term but contains mixed signals. Positive elements: Metaplanet’s public dashboard and on-chain transparency reduce information asymmetry, and the stated long-term accumulation plan can be supportive if sustained. Negative elements: the use of sold-put option strategies introduces contingent liabilities and potential future selling/assignment risk if markets move down; reported accounting mark-to-market losses could spur negative sentiment despite being non-cash. Short-term impact: neutral to mildly volatile—traders may react to on-chain large transfers or option expiries, causing spikes but not a sustained directional move in BTC price. Long-term impact: neutral-to-slightly-bullish if Metaplanet continues transparent, steady accumulation funded by option premiums without forced liquidations; conversely, repeated big buys near local highs or option assignment leading to forced sales would be bearish. Overall, the combination of on-chain visibility and options-funded buying tempers panic risk but introduces execution risk, so expect episodic volatility rather than a clear directional effect on BTC.