Metaplanet Scales Back Executive Reward Pool Amid Shareholder Pressure

Metaplanet has taken steps to reduce its executive reward pool after weeks of shareholder pressure. The Tokyo-listed Bitcoin treasury company scrapped 131 million shares tied to the disputed insider stake, shrinking it by 41.1%.

The company also canceled a planned executive incentive vehicle and pushed back warrants for executives, making them unvest until 2029-2031.

Chief Executive Simon Gerovich valued the destroyed claim at over $220 million. The move is seen as an effort to address concerns about dilution, which occurred when Metaplanet's share count increased from 153.9 million to 1.35 billion in two years.

Some investors have questioned the size of the executive reward pool, but others argue that it is reasonable for the team that rebuilt the company. The reduction lifts Bitcoin per fully diluted share by about 8.8%.