Metaplanet Slashes Executive Reward Pool by 41% Amid Shareholder Pressure

Metaplanet has made significant changes to its executive reward pool in response to shareholder pressure. The company cancelled 131 million shares tied to the pool, shrinking it by 41.1%. This reduction takes the total number of shares from 319.46 million to 188.19 million.

The company also scrapped a plan to move up to 90,000 warrants into a separate executive incentive vehicle. The surviving warrants now convert to fewer shares - 410 instead of 696 - and the time frame for exercising them has been pushed further out.

Metaplanet's CEO Simon Gerovich valued the destroyed claim at over $220 million. He acknowledged that disclosure and awareness were not always equivalent, implying that the company had been criticized for lacking transparency in its compensation structure.

The reduction in executive reward pool is expected to lift Bitcoin per fully diluted share by roughly 8.8%. However, investors will be watching what replaces the scheme, as CEO Gerovich has promised an outside consultant will design it. The success of this new plan remains uncertain and will likely be judged quickly.