Metaplanet shareholders seek cancellation of 273M executive stock option shares

Some shareholders of Japan-listed Bitcoin treasury firm Metaplanet are demanding the cancellation of an additional 273 million shares tied to executive stock options, Cointelegraph reported. The shareholders objected to a structure under which the option pool was set at 20% of fully diluted shares and automatically increased whenever new shares were issued. Although Metaplanet froze the allotment at 319.5 million shares on Aug. 18, the shareholders argued dilution worsened for existing investors as the total rose from 46 million shares to 319.5 million shares. A pseudonymous shareholder known as Bitcoin Pharaoh claimed David Bailey, CEO of Bitcoin Magazine, received 300,000 stock options with an exercise price of 105 yen, below the share price of 510 yen at the time, according to the report.