Metaplanet faces renewed shareholder pressure to cancel roughly 273 million potential shares added to its Series 10 executive option pool and freeze any further exercises. The pool, initially covering about 46 million shares, expanded automatically as the Japanese Bitcoin treasury company issued equity to finance Bitcoin purchases before Metaplanet removed the adjustment mechanism and fixed the pool at about 319.5 million shares on Aug. 18. Chief Executive Officer Simon Gerovich said governance and compensation policies remain under review and reiterated that he has no executive role at MMXX Ventures' parent company. Bitcoin Magazine CEO David Bailey defended the five-year 20% compensation model, while VanEck digital-asset research head Matthew Sigel called for excess rights to be surrendered and replaced with a shareholder-approved incentive plan tied mainly to Bitcoin per fully diluted share. Metaplanet shares closed higher on Wednesday but remained down about 16.3% over five trading days.