Metaplanet Cuts Option Pool 41% After Stock Slide, Opens Hong Kong Arm

- Option pool reduced amid dilution and governance concerns - Hong Kong Bitcoin unit launched and capital reduction proposed Metaplanet (TYO: 3350) slashed its option pool by 41% after its stock plunged on dilution concerns, and the company announced the change on September 11, 2024. The board also appointed Shinpei Okuno as Chief Financial Officer as part of a broader leadership overhaul, while the company launched a Hong Kong Bitcoin asset management unit to expand its regional operations. The new Hong Kong subsidiary strengthens Metaplanet’s Bitcoin-focused platform in Asia and marks a strategic expansion. On 2024-09-11, CoinDesk reported that Metaplanet’s board approved the option pool cut following criticism over management’s previous stock-option exercises linked to MMXX Ventures. The outlet noted that the move comes as part of sweeping governance reforms aimed at restoring investor confidence. In addition, Metaplanet proposed a capital reduction to decrease stated capital from ¥27.8 billion to ¥1 and reserves to zero. The company seeks to clear a ¥1.8 billion deficit and expand distributable funds for future dividends and share buybacks, and a shareholder vote on the plan is set for December 18, 2024. These steps target ongoing compensation concerns and, as a result, are intended to position the company for greater financial flexibility. As of 2024-09-11, according to CoinMarketCap, Bitcoin (BTC) traded at $78,643.758, with a 1.713% change in 24-hour volume.