Metaplanet cuts executive compensation plan by 41% amid investor concerns

Metaplanet, the Tokyo-listed company that reinvented itself as a Bitcoin treasury vehicle in 2024, is learning that buying tens of thousands of BTC is the easy part. Keeping shareholders happy while doing it? That’s where things get complicated. The company’s board has slashed its Series 10 executive compensation plan by 41% and delayed remaining stock option exercises after mounting investor backlash over what amounted to a ballooning dilution machine. The reduction, valued at roughly $123 million, represents Metaplanet’s attempt to bridge a widening trust gap between management and the people who actually own the stock. How a modest stock plan became a governance crisis The Series 10 stock acquisition rights plan started life in December 2022 as a relatively contained instrument covering about 46 million potential shares. That was before Metaplanet pivoted to its aggressive Bitcoin accumulation strategy in April 2024, a move that required wave after wave of capital raises. Each capital raise expanded the stock option pool, thanks to an adjustment clause that maintained executive compensation at approximately 20% of fully diluted shares. By June 30, 2026, the pool had swelled to 3...