Metaplanet CEO Simon Gerovich responded to criticism of the Tokyo-based Bitcoin treasury company’s executive compensation plan and his connection to MMXX Ventures, a shareholder in Metaplanet. He acknowledged that the company had not sufficiently explained its Series 10 Stock Acquisition Rights arrangement and described himself as a significant but non-majority shareholder of MMXX’s parent company, while denying any role in its trading decisions. The plan, created in December 2022 before Metaplanet adopted its Bitcoin treasury strategy, tied executive rewards to 20% of the company’s fully diluted share capital. After Metaplanet began buying Bitcoin in April 2024 and issued new equity to fund purchases, existing shareholders were diluted while Gerovich’s option entitlement increased. Metaplanet froze the reward pool at around 320 million shares in August but did not restore it to its pre-pivot level. Shareholders have called for greater transparency, including disclosure of MMXX’s owners and the economic benefit Gerovich may have received from its share sales.