Metaplanet Insider Share Pool Frozen Amid Rising Bitcoin Holdings

Metaplanet, a Tokyo-listed Bitcoin treasury firm, has confirmed that its insider stock-option mechanism had ballooned into a pool worth roughly a quarter of the entire company. The board chose to freeze the Metaplanet insider share dilution at its current size instead of resetting it back down, reigniting shareholder anger as the stock slides towards multi-month lows.

The company admitted that its own pay structure made shareholder dilution worse and acknowledged the mechanism 'amplifies the dilution borne by existing shareholders.'

Metaplanet's 43,000 BTC treasury is valued near $3.4 billion, well above the company's roughly $2 billion market capitalization.