Metaplanet addresses 319M-share executive reward pool

• Simon Gerovich has responded to criticism over Metaplanet’s executive stock rights programme.
• The company fixed the Series 10 reward pool at 319.46 million shares in August.
• Metaplanet shares fell 7% on Monday and are down 43% this year.

Metaplanet CEO Simon Gerovich has addressed criticism over the company’s executive stock rights programme and MMXX Ventures.

Gerovich said Metaplanet had not adequately explained the Series 10 Stock Acquisition Rights structure and denied involvement in MMXX’s trading decisions.

The programme set an executive reward pool equal to 20% of Metaplanet’s fully diluted shares, allowing the pool to grow as the company issued new stock.

Metaplanet froze the pool at 319.46 million shares in August and added a five-year lock-up, but did not reset it to its level before the Bitcoin (CRYPTO:BTC) strategy began.

Gerovich exercised 92,000 Series 10 rights on August 28 and received 64 million new shares, taking his direct holding to 79.59 million shares, or about 6.2%.

Metaplanet shares fell 7% on Monday and are down 43% this year, while the Nikkei 225 has gained 31% over the same period.

The controversy comes as shareholders continue to question the reward pool, MMXX’s ownership and the impact of the structure on existing investors.

At the time of reporting, Bitcoin price was $78,916.97.