Metaplanet Faces Double Threats to Business Model

Metaplanet is facing a double threat to its business model. The company's potential exclusion from major equity benchmarks, such as MSCI indexes, could lead to a significant decline in its stock price due to passive funds tracking these benchmarks being forced to sell their shares.

This risk comes at a particularly challenging time for Metaplanet, which relies on capital markets to fund its aggressive Bitcoin accumulation strategy. Rising long-term interest rates are making it harder for the company to raise money and sustain this strategy.

Additionally, shareholders are pushing back against a compensation structure that critics argue quietly erodes their stakes. The internal dispute centers around 273 million additional shares tied to the company's tenth executive options pool, which grows automatically whenever Metaplanet issues new stock to finance further Bitcoin acquisitions.