Metaplanet Axes 131M Shares in Compensation Plan Overhaul

Metaplanet, a Tokyo-listed company and one of the world's largest publicly traded bitcoin treasuries, has reversed course on its executive compensation plan. The company is reducing the potential number of shares tied to Series 10 stock acquisition rights by 41%, from approximately 319.5 million to 188.2 million.

The move comes after waves of shareholder criticism over the potentially massive number of new shares that could be created under the plan. CEO Simon Gerovich acknowledged that the later issuance had given Series 10 holders 'disproportionate value' relative to existing shareholders.

The company is also delaying when the remaining options can be exercised, with one-third becoming available in each of 2029, 2030, and 2031. Shares received through the program still cannot be sold until August 2031.