mmxx

📰 The key point in Metaplanet’s response this time is not new plans, but an acknowledgement that it previously failed to clearly explain the subscription rights for Series 10 stocks.

CEO Simon Gerovich said that he is an important but non-controlling shareholder of the parent company MMXX, and that he does not participate in MMXX’s transaction decisions. To be honest, this explanation only addresses part of the questions investors really have. What shareholders want to know is how deep the relationship between the two sides actually is, and whether the relevant arrangements could affect ordinary shareholders.

🔥 The core of the controversy lies in the equity incentive pool. Under the original plan, it was equivalent to 20% of the company’s fully diluted share capital, and it would continue to expand with further share issuances. In August, Metaplanet cancelled the floating adjustment mechanism, fixed the rewards pool at about 319 million shares, and set a five-year lock-up period.

💡 But the issue is also stuck right here: even though the rewards pool was fixed, it was not adjusted back to the scale when the company adopted its Bitcoin treasury strategy. Some shareholders believe that the incentive portion that had already been expanded previously was not explained clearly, and the economic benefits Gerovich obtained from selling shares from MMXX still need further disclosure.

👀 So this dispute is not over yet—for now. The company has offered its own explanation, but shareholders want a more complete explanation of the ownership structure, as well as a clear answer on whether the rewards pool will be adjusted. Do you think this response explains things properly?

#Metaplanet #MMXX #股权激励 #Bitcoin treasury strategy