Metaplanet CEO Simon Gerovich said he is a significant but non-controlling shareholder of MMXX’s parent company and does not participate in its trading decisions. He acknowledged that Metaplanet had not adequately explained its 10th-series new share subscription rights award plan or MMXX’s organizational structure. Established in December 2022, the plan initially set an award pool equal to 20% of Metaplanet’s fully diluted share capital. The company’s Bitcoin treasury strategy has expanded the pool of rights available to Gerovich as new share issues used to buy Bitcoin dilute existing shareholders. Metaplanet fixed the pool at 319.464 million shares in August and imposed a five-year lock-up, but did not restore it to the level in place when the Bitcoin strategy began. On Aug. 28, Gerovich exercised 92,000 rights and received 64 million new shares, bringing his holdings to 79.5875 million shares, or about 6.2% of total shares. Some shareholders continue to demand disclosure of MMXX’s owners and cancellation of the additional 273 million-share award allocation. Metaplanet shares fell 7% Monday and were down 43% year to date, while the Nikkei 225 rose 31% over the same period.