Bitcoin · CryptoSlate
Metaplanet’s Bitcoin boom quietly turned a 46 million-share executive pay plan into a 319 million-share windfall
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Metaplanet’s Bitcoin expansion has exposed an executive compensation windfall that shareholders want the company to unwind.
Key facts
- On Aug. 28, the CEO exercised 92,000 Series 10 rights and received 64.032 million newly issued shares
- As of June 30, the company held 43,000 BTC against roughly 1.63 billion fully diluted shares, translating to about 2,635 satoshis per share
- Issued shares climbed from approximately 153.9 million around the start of the Bitcoin strategy to 1.28 billion by the end of June 2026
- Gerovich held 276,000 of the 459,000 outstanding Series 10 rights as of June 30
Summary
01 Metaplanet’s Bitcoin fundraising expanded its executive options pool from 46 million to 319.464 million potential shares. 02 Shareholders say canceling roughly 273 million added shares could lift Bitcoin exposure per fully diluted share by about 20%. 03 The company ended future expansion but has not agreed to surrender the enlarged awards, leaving compensation and governance questions unresolved. The dispute centers on an executive options pool that expanded as the Tokyo-listed company repeatedly issued equity to finance its Bitcoin purchases.