Metaplanet Shareholders Slam Executive Stock Pool as Dilutive

Metaplanet's executive stock pool has come under fire from shareholders who claim it dilutes their ownership. The pool, which represents 20% of fully diluted shares, automatically expands as the company issues new shares to fund its Bitcoin (BTC) accumulation.

The criticism centers on the fact that the pool grew from 46 million shares to 319.5 million after changes were made, magnifying dilution for existing shareholders. Some have called for Metaplanet to cancel the additional 273 million shares created and provide more transparency in future decisions.

David Bailey, CEO of Bitcoin Magazine, defended Metaplanet's executive stock model, stating that giving the team 20% of the cap table over five years 'isn't some crazy number.' He also mentioned that his company has been invested in Metaplanet since 'day zero,' according to a Tuesday X post.

Metaplanet CEO Simon Gerovich addressed concerns related to MMXX Ventures, a shareholder with ties to the company. Gerovich explained that he is a significant but non-majority shareholder in MMXX's parent company and holds no executive role. He pledged to review Metaplanet's governance and compensation policies.