Metaplanet faces shareholder backlash over executive stock pool
Metaplanet faces shareholder backlash over dilution as it expands its Bitcoin treasury plan See why investors are pushing for transparency, canceled shares, and stronger governance
Metaplanet, a Japanese Bitcoin treasury company, is facing criticism from shareholders over its executive stock option pool and concerns about dilution. Investors have objected to the company’s 10th Series plan, which expanded as Metaplanet issued new shares to support its Bitcoin accumulation strategy.
Some shareholders have asked the company to cancel the additional 273 million shares tied to the plan and to offer more transparency on future compensation decisions. Metaplanet said it froze the pool at 319.5 million shares on Aug. 18, but critics argue the move increased dilution for existing holders.
Bitcoin Magazine CEO David Bailey defended the structure, while Metaplanet CEO Simon Gerovich said the company is reviewing its governance and compensation policies. Gerovich also addressed concerns about his links to MMXX Ventures, saying he is a nonmajority shareholder in its parent company and has no executive role. Metaplanet shares ended higher in Tokyo trading on Wednesday, though they remained down over the previous five days.