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Metaplanet shares slide nearly 10% after CEO note fails to calm investors
The Tokyo-listed bitcoin treasury company fell to 244 yen on Tuesday, after a 7.5% drop on Monday, as an expanded executive option pool drew dilution concerns.
Metaplanet’s shares slid nearly 10% on Tuesday, closing at 244 yen, extending a two-day decline that left the stock down about 17% over the period, The Block reported.
The selloff followed a Sunday public note from CEO Simon Gerovich that investors said did not address key questions. On Tuesday, Metaplanet fell 9.9% to 244 yen, after dropping 7.5% on Monday, when the first trading session began after the note was published.
The controversy centers on Metaplanet’s Series 10 executive option pool, adopted in December 2022 before the firm shifted to a bitcoin treasury strategy in April 2024. Under the plan, the award pool was set to adjust to 20% of the company’s fully diluted share count, and as Metaplanet issued and sold shares to buy bitcoin, the executive option pool grew from about 46 million shares to roughly 319 million.
Investors also questioned Gerovich’s links to MMXX Ventures, a disclosed Metaplanet shareholder. Company filings cited that he indirectly held a majority of MMXX’s voting rights, raising conflict-of-interest concerns, and in response to criticism Gerovich said the company had not communicated the plans well, while later indicating it froze the pool and removed the adjustment provision on Aug. 18, with filings showing a fixed 319.46 million potential share count.
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