Metaplanet shares drop 17% amid option‑pool and MMXX venture concerns
Stock slide after CEO note
Metaplanet, a Tokyo‑listed bitcoin treasury company, saw its share price fall 9.9% on Tuesday to 244 yen, extending a loss of 7.5% on Monday. Over the two trading days the stock has dropped about 17%.
Key numbers
- Tuesday close: 244 yen ($1.56)
- Monday decline: 7.5%
- Total two‑day loss: ~17%
- Executive option pool size after amendment: 319.46 million potential shares
Executive option pool details
The company’s Series 10 plan, adopted in December 2022, set an award pool equal to 20% of the fully diluted share count. As Metaplanet issued shares to buy bitcoin, the pool grew from roughly 46 million shares to about 319 million, diluting existing shareholders.
CEO’s connection to MMXX Ventures
Company filings show CEO Simon Gerovich indirectly holds a majority of voting rights in MMXX Ventures, a disclosed Metaplanet shareholder, prompting conflict‑of‑interest concerns.
CEO’s response and new policy
Gerovich posted on X that the company had not communicated its plans well. He said an amendment on 18 August removed the adjustment provision and froze the option pool at a fixed count of 319.46 million shares, with an exercise price of 10 yen per share and a five‑year lock‑up ending 17 August 2031. He added that governance and compensation policies are under review.
Investor reactions
Investors said the August amendment stopped further growth but left the pool at its expanded size. Some called for canceling the additional 273 million shares and creating a new incentive program retroactively. One user noted Gerovich exercised 92 000 Series 10 units and received more than 64 million shares ten days after the cap.
Open questions
Investors still want clarification on the owners of MMXX Ventures and whether Gerovich or his affiliates profited when MMXX sold Metaplanet shares during the 2024 rally. The company has not yet responded to these queries.
