Metaplanet Stock Tumbles 15% on Executive Reward Pool Cut

Metaplanet's stock plummeted 15% over five trading days after the company announced it would cut its Executive Reward Pool by 41%, effectively reducing potential shares from 319.4 million to 188.2 million. The move eliminates $220 million in warrant value and boosts Bitcoin per fully diluted share by about 8.8%. CEO Simon Gerovich retains his existing 64 million shares under the old terms and maintains rights to acquire a further 49.1 million shares.

The decision comes after shareholder criticism intensified following the expansion of the pool from 46 million shares to 319.5 million. Some investors called for cancellation of the additional 273 million potential shares created by this expansion, citing excessive dilution of their holdings.

Metaplanet also announced plans to establish a Hong Kong asset management subsidiary with $1 million in initial capital as part of its 'Project Nova' plan to build a Bitcoin-centered financial services platform. The company's stock fell 3.8% on Friday, and the move is seen as a concession to shareholders.