MetaPlanet Bitcoin holdings are taking real heat right now. The Japanese publicly-listed firm is sitting on over $1.2 billion in unrealized losses on its BTC stack, and critics are not staying quiet about it.
CEO Simon Gerovich stepped up this week to defend the company’s strategy. And honestly, his response was anything but defensive.
What Critics Are Actually Saying?
The allegations are pointed. Critics claim MetaPlanet bought Bitcoin near a local market top, went silent during the drawdown, and borrowed against its BTC holdings without properly disclosing interest rates or counterparty details to shareholders.
That last part is the real flashpoint. In traditional finance, borrowing against assets without proper disclosure is a serious governance red flag. And for a publicly listed company, that matters a lot.
Crypto on-chain transparency does not automatically meet securities law disclosure requirements. That gap is exactly where the criticism is landing.
Gerovich Punches Back
The CEO took to X (formerly Twitter) to respond directly. He confirmed that MetaPlanet’s Bitcoin wallet addresses are publicly listed, and a live shareholder dashboard tracks holdings in real time.
He also acknowledged the September purchase price was a “local top,” but he framed it within a long-term, non-market-timed accumulation strategy. Think MicroStrategy playbook. Buy, hold, don’t flinch.
What’s harder to dismiss though is the financial performance underneath the noise. MetaPlanet reported 6.2 billion yen in operating profit, a staggering 1,694% jump year-over-year. That number doesn’t exactly scream a company in crisis.
The $1.2B Number
Here’s where it gets important for readers outside Japan. The $1.2 billion figure is an unrealized mark-to-market loss. MetaPlanet has not sold a single satoshi. The loss exists only on paper, tied to Bitcoin’s price movement during the holding period.
CoinGecko’s corporate treasury tracker confirms the unrealized loss figure against MetaPlanet Bitcoin holdings.
This is the same accounting reality MicroStrategy faces every time Bitcoin dips. Paper losses are not cash losses. But they do show up on earnings reports, and they spook retail investors who don’t always understand the difference.
MetaPlanet Bitcoin Holdings vs MicroStrategy: Same Strategy, Different Scale
MetaPlanet is essentially following the Michael Saylor model. Use equity and debt instruments to accumulate Bitcoin as a primary treasury reserve. The risk is obvious. The upside thesis relies entirely on Bitcoin appreciating long-term.
The difference is MicroStrategy has had years to build credibility around this approach. MetaPlanet is still proving itself to global markets.
What This Means for Corporate Bitcoin Holders?
This situation signals something bigger. As more public companies hold Bitcoin on their balance sheets, regulators and shareholders will demand clearer disclosure standards. The on-chain argument (“our wallets are public”) won’t always satisfy securities regulators.
The tension is real. And MetaPlanet is now right at the center of it.
What are MetaPlanet Bitcoin holdings worth right now?
MetaPlanet holds a significant BTC position currently showing over $1.2 billion in unrealized losses based on CoinGecko’s corporate treasury data.
Has MetaPlanet sold any Bitcoin?
No. CEO Simon Gerovich confirmed the losses are entirely unrealized. No Bitcoin has been sold.
Is MetaPlanet profitable despite the losses?
Yes. The company reported 6.2 billion yen in operating profit, up 1,694% year-over-year, separate from BTC mark-to-market accounting.
Why does MetaPlanet keep buying Bitcoin?
The company follows a long-term treasury accumulation strategy similar to MicroStrategy, betting on Bitcoin’s appreciation over time.
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