Metaplanet Faces Shareholder Backlash Over Stock Dilution Issues
- Metaplanet’s executive stock pool expanded to include an additional 273 million shares, raising concerns among shareholders about dilution.
- The company froze the option pool at 319.5 million shares on August 18, up from 46 million shares.
- CEO Simon Gerovich stated he would review governance and compensation policies amid shareholder discontent.
- Bitcoin Magazine CEO David Bailey defended the model, stating that a 20% cap table over five years is reasonable.
- As of August, Metaplanet holds over 43,000 BTC, having recently acquired 2,823 BTC.
Shareholders are demanding more transparency and have requested the cancellation of newly created shares due to concerns over management benefiting disproportionately from stock options. The situation has raised questions about corporate governance within Metaplanet as it continues to accumulate Bitcoin.
Metaplanet’s share price saw a slight increase after a five-day decline of approximately 16.3%. The ongoing controversy highlights significant investor concerns regarding equity dilution and management compensation practices in the cryptocurrency sector.(Source)
