Metaplanet's Bitcoin boom expands executive options pool to 319 million shares
Bitcoin fundraising expands executive options pool
Metaplanet’s move into Bitcoin financing caused its executive stock‑option pool to grow from the original 46 million shares to 319.464 million potential shares. The increase created about 273 million extra shares that shareholders say should be cancelled.
Key numbers
- Original pool: 46 million shares (approved early 2023).
- Expanded pool after Bitcoin capital raises: 319.464 million shares.
- Additional shares created: roughly 273 million.
- Shares issued by the company rose from ~153.9 million to 1.28 billion by June 2026.
- CEO Simon Gerovich exercised rights for 64.032 million new shares on Aug 28, paying ¥10 per share.
Shareholder demand
Investors, including a shareholder who posted on X, are asking Metaplanet to roll back the 273 million extra shares. They argue that removing those shares would raise the company’s Bitcoin‑per‑share metric by about 20 percent.
Company actions
Metaplanet removed the adjustment mechanism that automatically expanded the pool on Aug 18, capping future growth. However, the company kept the pool at its enlarged size instead of reducing it. The CEO’s exercise of 92 000 Series 10 rights on Aug 28 gave him roughly 64 million new shares, increasing his holdings from 15.56 million to nearly 79.6 million shares.
Effect on Bitcoin per share metric
As of June 30, Metaplanet held 43 000 BTC against about 1.63 billion fully diluted shares, equal to roughly 2 635 satoshis per share. If the 273 million extra shares were removed, the denominator would shrink, raising the metric to about 3 166 satoshis per share (≈20 % higher).
