Metaplanet Bitcoin Strategy Unexpectedly Generates CEO's Exorbitant Compensation, Shareholders Angered
- Metaplanet approved the Series 10 Stock Subscription Rights plan in early 2023 with an initial quota of 46 million shares, including an adjustment mechanism to maintain the underlying shares at approximately 20% of the fully diluted total shares.
- As the company raised funds through equity issuance to buy Bitcoin, the number of shares increased from 153.9 million to 1.28 billion by the end of June 2025, expanding the executive option pool to 319.464 million potential shares.
- In August 2025, Metaplanet abolished the adjustment mechanism for the Series 10 rights, freezing the option pool at its expanded size without restoring it to the original level.
- CEO Simon Gerovich exercised 92,000 Series 10 Subscription Rights in late August 2025, acquiring 64.032 million shares at 10 yen per share, incurring a cost of approximately 640.3 million yen.
- Shareholders are demanding the cancellation of approximately 273 million additional potential shares from the compensation plan, which would increase Metaplanet's Bitcoin per share from 2,635 to about 3,166 satoshis.
Metaplanet has encountered shareholder opposition regarding its executive compensation tied to the company's Bitcoin treasury strategy. The Series 10 Stock Subscription Rights, approved in early 2023, initially covered 46 million shares but expanded due to capital raises for Bitcoin purchases.
The company's total shares rose from 153.9 million to 1.28 billion by June 2025, causing the management option pool to grow to 319.464 million potential shares under the adjustment formula.
In August 2025, Metaplanet discontinued the adjustment mechanism and froze the option pool at the larger size. CEO Simon Gerovich then exercised 92,000 rights, acquiring 64.032 million shares at 10 yen each for a total outlay of 640.3 million yen.
Shareholders, including Ragnar, call for canceling the 273 million extra shares, arguing it heightens dilution and conflicts with financing decisions. This change could lift the Bitcoin per share figure from 2,635 to 3,166 satoshis.
Metaplanet比特币策略意外产生CEO高额薪酬，股东愤怒
Metaplanet因其比特币国库策略下的管理层薪酬计划遭遇股东反对。第10系列股票认购权计划于2023年初获批，初始覆盖4600万股股份，但因筹集资金购买比特币而扩大。
公司总股本从153.9百万股增至2025年6月底的12.8亿股，导致管理层期权池增至3.19464亿股潜在股份。
2025年8月，Metaplanet停止了调整机制并将期权池冻结在更大规模。CEO Simon Gerovich随后行使了92,000份认购权，收购6,403.2万股股份，总支出为6.403亿日元。
包括Ragnar在内的股东要求取消2730万额外股份，认为这加剧了稀释并与融资决策存在冲突。这一变化可能使比特币每股数字从2635个satoshis提升至3166个satoshis。