Metaplanet, a Tokyo-listed company, has reduced its Series 10 executive compensation plan by 41% following significant pressure from shareholders. The reduction is valued at approximately $123 million. This decision follows investor backlash regarding the dilution of shares caused by an automatic adjustment mechanism in the compensation plan.
The compensation plan began in December 2022 with 46 million potential shares. After the company shifted to a Bitcoin accumulation strategy in April 2024, the pool expanded to 319,464,000 shares by June 30, 2026. This mechanism allowed executive compensation to remain at roughly 20% of fully diluted shares despite multiple capital raises.
On August 18, 2026, the board froze the stock option pool, removed the automatic adjustment clause, and implemented a five-year lock-up period for exercised shares. CEO Simon Gerovich subsequently exercised 92,000 rights to acquire 64.032 million shares at ¥10 per share, totaling ¥640 million.
Following a public address by the CEO on September 6, 2026, the company's stock price fell by 17%. As of early September 2026, Metaplanet holds over 43,000 BTC, positioning it as the largest corporate Bitcoin holder in Asia. Shareholders continue to demand the cancellation of 273 million potential shares added after the company's pivot to Bitcoin.
