Metaplanet shareholders seek to unwind executive pay plan swollen by Bitcoin buys
Tokyo-listed Metaplanet's executive options pool grew from 46M to 319M shares as it issued equity for Bitcoin; investors want 273M canceled.
Metaplanet, a Tokyo-listed company known for its Bitcoin treasury strategy, is facing shareholder pressure over an executive compensation package that expanded sharply as the firm issued new equity to fund Bitcoin purchases.
According to a CryptoSlate report, the executive stock option pool grew from 46 million shares to 319 million shares. Shareholders are now demanding the cancellation of roughly 273 million additional potential shares that were added to management's pay package.
Equity financing and compensation
The dispute centers on the company's repeated equity issuances, which were used to finance its Bitcoin accumulation. Each issuance appears to have expanded the pool of options available to executives, creating what some investors view as an unintended windfall.
- Metaplanet has adopted Bitcoin as a core treasury asset.
- The company has financed purchases through multiple equity offerings.
- Shareholders want the 273 million potential shares removed from the compensation plan.
The outcome of the shareholder request could affect how other Bitcoin-treasury companies structure executive incentives when raising capital through equity markets.