Metaplanet, a Tokyo-listed company, saw its executive options pool expand from 46 million to 319.464 million potential shares due to Bitcoin-funded capital raising. The automatic adjustment mechanism swelled the compensation pool alongside the capital increase from approximately 153.9 million to 1.28 billion shares between the Bitcoin strategy launch in April 2024 and June 2026. CEO Simon Gerovich exercised 92,000 rights in August, receiving 64.032 million newly issued shares at an exercise price of 10 yen per share, generating a market value of approximately 15.6 billion yen. Shareholders are demanding the cancellation of roughly 273 million added shares, which would increase Bitcoin exposure per share by about 20%, from 2,635 to 3,166 satoshis. The company terminated the adjustment mechanism on August 18 but has not agreed to surrender the enlarged awards, leaving compensation and governance questions unresolved.
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