Japanese company Metaplanet, which focuses on accumulating Bitcoin, continues to face shareholder discontent over the management option pool. Investors have expressed concerns about stock dilution and urged the company to suspend the option rights related to 273 million shares. This option pool, which constitutes 20% of fully diluted shares, automatically expanded with the increase in the company's shares as it financed its Bitcoin accumulation. As of August 18, Metaplanet recorded a pool of 319.5 million shares, which critics believe exacerbated dilution issues for existing shareholders.
Several shareholders, including an anonymous shareholder named Bitcoin Pharaoh, voiced dissatisfaction regarding CEO of Bitcoin Magazine David Bailey potentially benefiting personally from Metaplanet's options and noted that for his role as a strategic advisor, he received 300,000 options at a price of 105 yen when shares were trading at 510 yen. In response to such accusations, Bailey pointed out that providing the team with 20% of the capital over five years is not an unreasonable practice. Some shareholders insist on canceling the additional 273 million shares and demand greater transparency in the company's future decisions.
Metaplanet's CEO Simon Gerovich stated that the company continues to review its governance and compensation policies and promised to share updates as these processes are completed. He also emphasized that he is not a majority shareholder of the parent company MMXX Ventures, which is associated with Metaplanet. Head of digital asset research at VanEck Matthew Sigel suggested freezing further option rights from the 10th series pool and weighing options related to shares that have already been exercised.