AI · The Block
Metaplanet reverses course on executive options with 41% cut to potential shares, scraps employee warrant plan
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Metaplanet is making a U-turn on a significant portion of a controversial executive compensation plan after waves of shareholder criticism over the potentially massive number of new shares it could create.
Key facts
- The Series 10 program, options allowing executives and other holders the right to buy shares at a heavily discounted 10 yen each, dates back to early 2023, more than a year before Metaplanet (MTPLF)
- CEO Simon Gerovich said the updated changes wipe out more than $220 million of warrant value and increase bitcoin held per diluted share by about 8.8%
- The Tokyo-listed company, which also happens to be the third-largest publicly traded bitcoin treasury, said Thursday it will cut the number of potential shares tied to its Series 10 stock acquisition
- The company is also delaying when the remaining options can be exercised, with one-third becoming available in each of 2029, 2030 and 2031
Summary
The Tokyo-listed company, which also happens to be the third-largest publicly traded bitcoin treasury, said Thursday it will cut the number of potential shares tied to its Series 10 stock acquisition rights by 41%, from about 319.5 million to 188.2 million. The Series 10 program, options allowing executives and other holders the right to buy shares at a heavily discounted 10 yen each, dates back to early 2023, more than a year before Metaplanet (MTPLF) became a bitcoin treasury company. CEO Simon Gerovich said the updated changes wipe out more than $220 million of warrant value and increase bitcoin held per diluted share by about 8.8%. Metaplanet said it chose that as the cutoff because its earlier stock sales had generated much more bitcoin value per share.