Metaplanet's Executive Stock Pool Sparks Shareholder Backlash

Metaplanet, a Japanese Bitcoin treasury company, is facing backlash from shareholders over its executive stock pool. The 10th Series option pool was designed to give the team 20% of fully diluted shares, which automatically expanded as the company issued new shares to fund its BTC accumulation.

Shareholders are objecting to the 273 million additional shares created through the changes, saying it magnified dilution for existing shareholders. The pool grew from 46 million shares to 319.5 million, with critics arguing that this is a disproportionate share of the company's equity.

Bitcoin Magazine CEO David Bailey defended Metaplanet's executive stock model, stating that giving the team 20% of the cap table over five years 'isn't some crazy number.'

Metaplanet CEO Simon Gerovich has pledged to review the company's governance and compensation policies, distancing himself from shareholder MMXX Ventures. He holds no executive role in MMXX, but is a significant shareholder in its parent company.