Metaplanet CEO Admits Insufficient Disclosure of Compensation Plan, Denies Involvement in MMXX Trading Decisions
Metaplanet CEO Simon Gerovich responded to the controversy surrounding the company's executive compensation plan and its relationship with shareholder MMXX Ventures, admitting that he failed to adequately explain the 10th tranche of the new stock option reward plan and the organizational structure of MMXX. He stated that he is a significant but non-controlling shareholder of MMXX's parent company and did not participate in the company's trading decisions. The reward plan was established in December 2022, with 20% of Metaplanet's fully diluted equity set aside as a reward pool. The company plans to shift to a Bitcoin treasury strategy in April 2024, where each stock issuance to buy BTC will dilute existing shareholders while expanding the options available to Gerovich. Metaplanet fixed the reward pool at 319.464 million shares in August and set a five-year lock-up period, but did not restore the scale to the level it was at when implementing the Bitcoin strategy. On August 28, Gerovich exercised 92,000 options and received 64 million new shares, bringing his total holdings to 79.5875 million shares, approximately 6.2% of the company's total equity. Some shareholders are demanding the disclosure of MMXX's owners and the cancellation of the newly added 273 million shares in the reward pool. Metaplanet's stock price fell 7% on Monday, down 43% for the year, while the Nikkei 225 index rose 31% during the same period.
-- Price
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like

Turbulent Market, Preserved Capital: The Video of Steady Lads' First Anniversary is Here!

FBI Charges Brothers Operating Darknet Drug Trafficking

CoinCorner Launches Bitcoin Vault for UK Customers

ARK Invest analyst says Bitcoin cycle bottom not confirmed

BitFuFu's Bitcoin Production Reaches 174 BTC in August, Up 55.4%

Castle Opens Bitcoin Savings Platform For Individuals

CryptoQuant Assesses Bitcoin's Chances of Surpassing $83,000

Bitmine Acquires 28,086 Ethereum, Total Holdings Reach 5.93 Million ETH

Coinbase Premium Widens to Negative, Forecast for Bitcoin ETF Fund Outflows

Brutal Murder of Mexican Rock Band Member's Family, Possible Crime Targeting Bitcoin Cold Wallet

Alliance: The Difference Between Bitcoin and Zcash Lies in Evolutionary Capability

Bitcoin Core Developers Discuss AI Application Lag Issues

Robinhood CEO Emphasizes Long-Term Bullish Outlook for Bitcoin and Security Investments

US Bonds Post Worst Decade in 223 Years, Impact on Bitcoin

Bitcoin ETFs Face $1 Billion Shortfall in 2026, August Sees Inflow of $3.52 Billion

Nansen becomes first front end to support Outcome.xyz HIP-4 markets

Tether CEO Emphasizes Regular Audits and Response to U.S. Regulations

Changpeng Zhao: Kyrgyzstan has made a leap to become a crypto hub in just one year, a process that usually takes up to 9 years

Weekly Net Purchases by Listed Companies Decrease by 48%, Strategy Did Not Increase Bitcoin Holdings Last Week

Weekly Net Purchases by Listed Companies Decrease by 48% as Strategy Holds No Bitcoin

Two Prime CEO: Bitcoin Has Significant Room for Rebound, Short Covering Fuels Uptrend

Liquid Recovers 3,400 BTC, Bridge Service Outage Continues

Four Killed in Mexico Linked to Bitcoin Robbery, Two Suspects Face Trial

Tom Lee: Asset Tokenization and Agentic AI May Drive ETH Upwards

Tether Secures 70% Stake in Agricultural Land with $600 Million Investment

American Bitcoin Restarts 11,298 Miners and Increases Hashrate to 28.1 EH/s

STRC BTC Credit Decreases to 53bp, Down by 1bp

How One Executive Recruitment Firm Is Using M&A To Turn Earnings Into Bitcoin

Middle East: Estimated Annual Crypto Volume at $350 Billion









