Metaplanet's $15 Billion Executive Pay Windfall Sparks Shareholder Backlash
Metaplanet's Bitcoin expansion has led to an executive compensation windfall worth millions. The Tokyo-listed company issued equity to finance its Bitcoin purchases, which swelled the executive pay pool from 46 million potential shares to 319.464 million.
The dispute centers on the Series 10 stock acquisition rights plan approved in early 2023. Initially covering 46 million shares, it contained an adjustment mechanism designed to maintain the share value at a benchmark equal to roughly 20% of a defined fully diluted share count.
Metaplanet's Chief Executive Simon Gerovich pivoted the company to a Bitcoin treasury model in April 2024 and repeatedly tapped equity markets. As a result, issued shares climbed from approximately 153.9 million to 1.28 billion by June 2026.
The executive options pool expanded alongside the company's capital structure, rising from 46 million to 319.464 million potential shares. When Metaplanet eliminated the adjustment mechanism in August, it chose not to roll back the compensation pool to its original level, leaving management with roughly 273 million additional potential shares.
Gerovich exercised part of his award just days after the amendment, receiving 64.032 million newly issued shares that carry a market value of roughly ¥15.6 billion at Metaplanet's share price of ¥244.