Some shareholders of Japan-listed Bitcoin treasury firm Metaplanet are demanding the cancellation of 273 million additional shares linked to its 10th Series executive option pool. The pool was designed to equal 20% of fully diluted shares and automatically expanded as Metaplanet issued new shares to fund Bitcoin accumulation. Metaplanet froze the pool at 319.5 million shares on Aug. 18, up from 46 million, but acknowledged that the expansion amplified dilution for existing shareholders. Bitcoin Magazine CEO David Bailey defended the model, while pseudonymous shareholder Bitcoin Pharaoh alleged that Bailey received 300,000 options at a 105-yen strike price when the stock traded at 510 yen. CEO Simon Gerovich said the company was reviewing its governance and compensation policies and clarified his relationship with MMXX Ventures. Metaplanet disclosed on Aug. 31 that Gerovich had exercised 92,000 options. VanEck digital-asset research chief Matthew Sigel urged a freeze on further exercises, voluntary surrender of excess rights and a replacement shareholder-approved incentive plan tied primarily to Bitcoin per fully diluted share. Metaplanet shares closed higher in Wednesday trading, leaving their five-day decline at roughly 16.3%, according to Yahoo Finance.