Metaplanet’s Bitcoin boom quietly turned a 46 million-share executive pay plan into a 319 million-share windfall
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6 Articles
CryptoSlate
Metaplanet’s Bitcoin boom quietly turned a 46 million-share executive pay plan into a 319 million-share windfall
Metaplanet’s Bitcoin expansion has exposed an executive compensation windfall that shareholders want the company to unwind. The dispute centers on an executive options pool that expanded as the Tokyo-listed company repeatedly issued equity to finance its Bitcoin purchases. Shareholders are now demanding the cancellation of roughly 273 million potential shares added to management’s compensation package […]
Metaplanet's board of directors decided to freeze to 319.5 million shares the pool reserved for managers, instead of resetting or recalculating it after the explosion of the shareholders' dilution triggered by the Bitcoin strategy of the Japanese company. The company admitted, in an official communication, that the automatic mechanism at the base of the [...]
Metaplanet’s shares accumulated a drop of close to 17% in two sessions, despite its CEO’s attempt to publicly respond to criticism of the Series 10 options plan and its links to MMX Ventures. Investors question whether the company has frozen an expanded incentive fund without reversing the additional shares and demand greater clarity about potential conflicts of interest.
Metaplanet's stock has fallen by about 17% in two commercial days, to 244 yen. The fall followed the CEO's appeal to investors against the criticism of the executive options program and its relationship with MMXX Ventations. The pool of options has grown from about 46 million to 319 million potential...
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