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      Metaplanet Faces Shareholder Backlash Over Executive Option Pool Expansion

      Metaplanet, a Bitcoin treasury company based in Japan, is experiencing significant shareholder dissatisfaction following the expansion of its executive option pool. The tenth round of this option pool, which was initially set at 20% of the fully diluted equity, has drawn criticism as it automatically increases with the issuance of new shares aimed at bolstering the company's Bitcoin holdings. Shareholders are now demanding the cancellation of 273 million newly added shares and are calling for enhanced transparency in the company's decision-making processes.

      On August 18, Metaplanet announced a freeze on the option pool at 319.5 million shares. However, critics argue that this move exacerbates dilution for existing shareholders, as the option pool has surged from 46 million shares to 319.5 million shares. In response to the backlash, CEO Simon Gerovich has pledged to reassess the company's governance and compensation policies, while also clarifying its relationship with MMXX Ventures, which is described as a non-controlling significant shareholder of MMXX's parent company.

      On August 31, it was reported that Gerovich exercised 92,000 shares from the option pool. Matthew Sigel, head of digital asset research at VanEck, has recommended freezing further exercise rights of the tenth round option pool and replacing it with a five-year incentive plan linked to each share's fully diluted Bitcoin holdings, pending shareholder approval. In its announcement, Metaplanet acknowledged that the expansion of the option pool has indeed intensified the dilution experienced by existing shareholders. Despite these challenges, Metaplanet's stock price saw a slight increase, reducing its five-day decline to approximately 16.3% as of Wednesday's close in Tokyo.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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