Bitcoin reserve company Metaplanet (3350) has reduced its executive stock compensation pool by 41% in response to investor pushback.
As per disclosures released on Friday, the Tokyo-headquartered enterprise lowered the maximum potential shares within its Series 10 Stock Acquisition Rights program by 41% to 188.2 million. This decision comes after an earlier August modification that had already decreased the pool down to approximately 320 million shares.
Launched initially back in 2022, the arrangement allocated an incentive pool amounting to 20% of the firm’s fully diluted equity rather than assigning leadership a set quantity of shares. Shareholders who purchased stock starting in 2024—when the enterprise shifted to issuing shares to fund bitcoin acquisitions—protested the framework, arguing it eroded their stakes while disproportionately enriching executives.
Chief Executive Officer Simon Gerovich stated on X that the organization never meant to encourage dilution that fails to generate significant value. He added that the update on Friday eliminates more than $220 million in warrant value, representing the magnitude of gains the flexible arrangement previously generated for leadership at the expense of investors.
Nevertheless, the 64 million shares that Gerovich acquired via his August 28 rights execution under the previous, higher valuation remain his to keep. Furthermore, Gerovich keeps the option to purchase an additional 49,128,000 shares following the updated terms.
Gerovich omitted any mention of MMXX Ventures, its stock liquidations, or his individual financial stake in that Metaplanet shareholder entity, subjects for which backers had also demanded transparency.
Originally published at https://www.coindesk.com/business/2026/09/11/metaplanet-cuts-executive-reward-pool-by-41-extinguishes-usd220-million-in-value.
