Metaplanet CEO Admits Transparency Failures Amid Series 10 Option Plan Controversy

Metaplanet CEO Simon Gerovich has acknowledged that his company failed to clearly explain its Series 10 executive option plan and its connection to major shareholder MMXX Ventures.

The controversy centers around a compensation program that grew as Metaplanet issued shares to finance its Bitcoin treasury strategy. The company capped the plan at 319,464,000 potential shares on August 18, but shareholders argue that this move stopped future expansion without addressing growth that had already occurred.

Gerovich exercised 92,000 Series 10 stock acquisition rights on August 28, receiving 64,032,000 shares subject to a five-year transfer restriction. This increased his direct ownership from 15,555,500 shares to 79,587,500 shares.

Shareholders have requested MMXX Ventures' ownership details and the cancellation of an additional 273 million reward-pool shares. Gerovich denied involvement in MMXX's investment or trading decisions, stating that he is a 'significant but non-majority shareholder' in its parent company.