Metaplanet CEO Fires Back at Critics as $1.2 Billion Bitcoin Paper Losses Mount

Core Viewpoint - Metaplanet's CEO Simon Gerovich has responded to criticisms regarding the company's management of shareholder funds and transparency issues related to Bitcoin holdings [1][2]. Group 1: Allegations and Governance Concerns - Allegations have emerged that Metaplanet borrowed against its Bitcoin holdings without disclosing interest rates or counterparties, raising governance concerns for public-company crypto investors [2]. - The company reportedly holds over $1.2 billion in unrealized Bitcoin losses, making transparency about fund usage a significant issue for shareholders [2]. Group 2: Company Performance and Strategy - Critics claim that Metaplanet purchased Bitcoin at a market peak and remained silent during subsequent price declines [3]. - Gerovich acknowledged that Bitcoin wallet addresses are publicly available and that there is a live shareholder dashboard to track holdings in real time [3]. - The company reported an operating profit of 6.2 billion yen, reflecting a year-over-year increase of 1,694% [3]. - Gerovich attributed the reported accounting losses solely to unrealized mark-to-market fluctuations of unsold Bitcoin holdings [3].