Metaplanet CEO Simon Gerovich attempted to reassure shareholders following controversy over dilution from a massive expansion of the executive stock option program. The shares dropped 7.5% to close at 271 yen on September 7, the day after his response. The Series 10 option pool expanded from approximately 46 million to 319.46 million shares before being capped with a five-year lock-up until August 17, 2031. Gerovich exercised 92,000 options just ten days after the cap was announced, acquiring 64 million additional shares and bringing his total holdings to 79.59 million. The rise of the automatic dilution mechanism raises questions about the company’s governance as it adopted a Bitcoin treasury strategy in 2024.
Source: Read the original article
