Metaplanet faces shareholder backlash after expanding its executive stock pool from 46 million to 319.5 million shares, creating 273 million additional shares. Pseudonymous shareholder Bitcoin Pharaoh claims strategic advisor David Bailey received 300,000 options at a 105 yen strike price when the stock traded at 510 yen, representing 26% dilution for existing shareholders. CEO Simon Gerovich committed to reviewing the company’s governance and compensation practices and sought to distance himself from MMXX Ventures. VanEck recommended freezing remaining exercise rights from the 10th Series option pool and replacing it with a shareholder-approved incentive plan tied to BTC per fully diluted share. Metaplanet shares closed higher in Tokyo trading, trimming their five-day decline to approximately 16.3%.
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