Metaplanet CEO Defends Series 10 Executive Option Plan Amid Shareholder Concerns

Metaplanet's CEO Simon Gerovich addressed concerns over the company's Series 10 executive option plan, which has sparked controversy among shareholders.

The issue revolves around the growth of the option pool alongside Metaplanet's Bitcoin purchases. The company capped its executive option pool at 319,464,000 potential shares after removing an automatic adjustment mechanism.

CEO Gerovich exercised 92,000 rights under this plan on August 28, adding 64,032,000 shares to his holdings. He holds a non-majority stake in MMXX Ventures' parent company but does not direct its trading decisions.

A shareholder calculated that 273 million shares came from adjustments made after Metaplanet's Bitcoin pivot in 2024. Gerovich acknowledged the company's past communication was lacking and promised clearer explanations going forward.