Metaplanet Stock Option Pool Sparks Shareholder Backlash
Metaplanet, a Japanese Bitcoin vault company, is facing shareholder discontent over its latest executive stock option pool. The tenth round of options was initially designed to account for 20% of diluted shares and automatically increase with new stock issuance for buying more Bitcoin. However, some shareholders have requested cancellation of the additional 273 million shares and increased transparency in future decision-making.
Metaplanet froze the option pool at 31.95 million on August 18, but critics argue this has further diluted existing shareholder ownership since the pool expanded from 4.6 million to 31.95 million shares. CEO Simon Gerovich has pledged to review governance and compensation policies and clarify his relationship with MMXX Ventures, stating it is a significant shareholder without management authority.
VanEck Digital Assets Research head Matthew Sigel suggests freezing the option pool's further vesting rights, allowing holders to voluntarily relinquish excess rights in exchange for a five-year incentive plan tied to fully diluted Bitcoin holdings per share, approved by shareholders. Metaplanet acknowledged on August 18 that expanding the option pool decision 'amplified' existing shareholder dilution.