Metaplanet’s executive stock pool sparks shareholder backlash as CEO addresses MMXX ties
Metaplanet faces shareholder backlash over its 10th Series executive stock option pool, which was set at 20% of fully diluted shares and expanded as the company issued new shares to buy Bitcoin. Critics say the structure worsens dilution for existing holders and want the extra 273 million shares canceled, with clearer rules for future decisions. Metaplanet later froze the pool at 319.5 million shares, but shareholders argue the increase from 46 million to 319.5 million still shifted too much value to management. CEO Simon Gerovich said governance and compensation policies are under review and tried to distance himself from MMXX Ventures. VanEck’s Matthew Sigel urged Metaplanet to freeze further exercise rights and replace Series 10 with a shareholder-approved five-year plan tied to Bitcoin per fully diluted share. Bailey defended the model, saying 20% over five years is not excessive.
