Metaplanet Makes 41% Executive Reward Pool Cut: Will Shareholders Forgive the Dilution？
Metaplanet cancelled 131 million shares tied to its executive reward pool on Friday, shrinking the disputed insider stake by 41.1% after weeks of shareholder pressure. The Tokyo-listed Bitcoin treasury company also scrapped a planned executive incentive vehicle outright and pushed the surviving warrants years further out before anyone can cash them in. Sponsored Sponsored “This is a meaningful concession and a much better alignment of management and shareholders. Credit to them for taking the criticism seriously,” said Mathew Sigel, Head of digital assets research at VanEck. What Metaplanet Gave Up in Its Executive Reward Pool Warrants are rights to buy shares later at a price fixed in advance, in this case 10 yen each. The board cut how many shares each warrant converts into, from 696 down to 410. That takes the pool from 319.46 million shares to 188.19 million. Strip out warrants insiders already exercised and the cut is steeper, with the remainder falling 55.5% to 105.37 million. Chief Executive Simon Gerovich valued the destroyed claim at more than $220 million. Metaplanet also scrapped a plan to move up to 90,000 warrants into a separate executive incentive vehicle. A Letter to Metaplanet Shareholders: Over the past several weeks, many of you have asked questions about Metaplanets compensation structure, governance,
