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Metaplanet to Reduce Series 10 Share Pool by 41% and Establish Subsidiary in Hong Kong

Japanese company Metaplanet, known for building a bitcoin reserve, is reducing its Series 10 stock option pool by 41% (from 319.5 million to 188.2 million shares) following shareholder concerns about dilution. The move cancels over $220 million in warrant value and increases the company's bitcoin per share metric by approximately 8.8%. Additionally, Metaplanet announced plans to establish a Hong Kong-based asset management subsidiary, Metaplanet Asset Management Asia Limited, with a $1 million initial capital injection. This subsidiary, part of the "Project Nova" initiative, will trade bitcoin, stocks, and credit products during Asian market hours, complementing the company's recent acquisition of a securities brokerage.

cryptonews.ru09/11 17:11

Metaplanet to Reduce Series 10 Share Pool by 41% and Establish Subsidiary in Hong Kong

cryptonews.ru09/11 17:11

Metaplanet to reduce Series 10 share pool by 41% and establish Hong Kong subsidiary

Japanese company Metaplanet, which is building a Bitcoin reserve, will reduce its pool of Series 10 stock acquisition rights by 41% (from 319.5 million to 188.2 million potential shares) following shareholder criticism over dilution concerns. CEO Simon Gerovich announced the change, which nullifies over $220 million in warrant value and increases the company's Bitcoin-per-share metric by roughly 8.8%. The firm also abandoned plans to issue 90,000 rights for a long-term executive incentive scheme and will implement a new, staggered vesting schedule for remaining rights. Separately, Metaplanet plans to establish a Hong Kong-based asset management subsidiary, Metaplanet Asset Management Asia Limited, with $1 million in initial capital in September. This move is part of "Project Nova," an initiative to create a Bitcoin-focused financial services platform, which recently included the acquisition of Siiibo Securities. Metaplanet's stock fell 3.8% on the day of the announcement.

cryptonews.ru09/11 14:11

Metaplanet to reduce Series 10 share pool by 41% and establish Hong Kong subsidiary

cryptonews.ru09/11 14:11

Metaplanet's Executive Option Program Draws Shareholder Ire, CEO Addresses MMXX Links

Metaplanet's executive stock option program continues to draw shareholder ire over dilution concerns. Several shareholders have criticized the 10th series of options, designed to cover 20% of fully diluted shares and automatically expand as the company issued new shares to fund Bitcoin accumulation. Bitcoin Magazine CEO David Bailey defended the model, stating that granting the team 20% of the company over five years is "not some crazy metric." However, critics, including pseudonymous shareholder Bitcoin Pharaoh, argue the program grew from 46 million to 319.5 million shares, significantly diluting existing holders. They allege Bailey personally benefited from options granted at a deep discount. Metaplanet CEO Simon Gerovich pledged to review corporate governance and compensation policies and distanced himself from shareholder MMXX Ventures, stating he is a significant but not majority owner and holds no executive role there. He noted the company froze the program at 319.5 million shares on August 18. VanEck's Matthew Sigel suggested Metaplanet should freeze further vesting of the 10th series, seek voluntary forfeiture of excess rights, and replace the plan with a shareholder-approved incentive tied to Bitcoin per share. Metaplanet acknowledged the expansion "enhances the dilution borne by existing shareholders." Its shares closed higher in Tokyo on Wednesday, trimming a five-day loss.

cryptonews.ru09/09 15:58

Metaplanet's Executive Option Program Draws Shareholder Ire, CEO Addresses MMXX Links

cryptonews.ru09/09 15:58

Metaplanet's Bitcoin Strategy Accidentally Spawns Exorbitant CEO Pay Package, Sparking Shareholder Outrage

Metaplanet's aggressive Bitcoin treasury strategy has sparked shareholder backlash over a massive, unintended increase in executive compensation. The controversy centers on the company's "Series 10" stock acquisition rights plan. An adjustment clause in this 2023 plan, designed to keep the option pool at roughly 20% of fully diluted shares, caused the potential award pool to balloon from 46 million to approximately 319.46 million shares as Metaplanet repeatedly issued new stock to fund Bitcoin purchases. Although Metaplanet abolished the adjustment mechanism in August 2024, citing concerns over shareholder dilution and potential conflicts of interest, it froze the pool at the enlarged size. This left roughly 273 million "extra" potential shares still allocated to management. Shortly after, CEO Simon Gerovich exercised part of his award, acquiring 64.032 million shares at a deep discount, creating a paper profit of nearly ¥15 billion. Shareholders, led by investor Ragnar, are demanding the cancellation of the 273 million extra shares. They argue this unearned award, which lacks performance conditions, unfairly dilutes the key metric of "Bitcoin per fully diluted share." Removing these shares would boost the ratio by about 20%. The dispute has extended to governance concerns regarding Gerovich's links to a major shareholder, MMXX Ventures. While Metaplanet has acknowledged communication failures and is reviewing its governance, it has not committed to reversing the pre-abolition share award, leaving the core shareholder demand unmet.

marsbit09/09 10:50

Metaplanet's Bitcoin Strategy Accidentally Spawns Exorbitant CEO Pay Package, Sparking Shareholder Outrage

marsbit09/09 10:50

Altcoins Worth $1.535 Billion to Be Unlocked on the Cryptocurrency Market Next Month! Here Are These Altcoins

Next month, more than $1.535 billion worth of cryptocurrency tokens are scheduled to be unlocked, according to data from Tokenomist. This significant supply event could create selling pressure on certain crypto assets as new tokens enter circulation. Key one-time unlocks exceeding $10 million include HYPE, XPL, ENA, ZRO, H, CARDS, and ARB. These large releases can rapidly introduce previously non-circulating tokens to the market. Additionally, linear unlocks (gradual releases) with monthly values over $10 million involve tokens like RAIN, SOL, CC, TRUMP, ZEC, ASTER, WLD, MORPHO, PUMP, TAO, AVAX, and NEAR. While unlocking increases a project's circulating supply and may exert downward price pressure if investors sell, it does not guarantee automatic selling. Unlocked assets may be held or used for other purposes by project teams and investors. The actual price impact will depend on how many tokens are sold. Market participants will monitor trading volumes, token prices, and supply dynamics following these unlocks. The substantial total value suggests a potentially dynamic period for token supply, with particular attention on large one-time unlocks for their more immediate supply impact. *This is not investment advice.

cryptonews.ru09/02 11:06

Altcoins Worth $1.535 Billion to Be Unlocked on the Cryptocurrency Market Next Month! Here Are These Altcoins

cryptonews.ru09/02 11:06

Attention: This Week, 12 Altcoins to Deliver Significant Surprises Through Token Unlocks! Here's the Schedule by Day and Hour

Attention: This week, 12 altcoins will see significant token unlocks! The cryptocurrency market partially recovered last week from a sell-off following comments by Fed Chair Kevin Warsh, with Bitcoin currently trading around $80,000. However, a large number of token unlocks are scheduled for various altcoins in the coming week. Below is the schedule of token unlocks (all times in UTC+3/Turkish Time). The list includes KITE (unlocking $13.73M, 4.46% of market cap) on Sep 1 at 03:00; BEAT ($1.51M, 3.35%) on Sep 1 at 03:00; EIGEN ($7.35M, 4.01%) on Sep 1 at 11:00; Q ($5.55M, 5.56%) on Sep 2 at 03:00; OPN ($1.84M, 18.49%) on Sep 2 at 03:00; BITW ($40.57M, 3.76%) on Sep 2 at 09:00; ENA ($15.48M, 0.96%) on Sep 2 at 11:00; ICNT ($1.63M, 6.03%) on Sep 3 at 03:00; LA ($1.70M, 15.04%) on Sep 4 at 03:00; PROOF ($3.44M, 9.97%) on Sep 5 at 03:00; POWER ($1.51M, 8.93%) on Sep 5 at 03:00; and GF ($32.05M, 18.97%) on Sep 6 at 03:00. *This is not investment advice.

cryptonews.ru08/30 21:00

Attention: This Week, 12 Altcoins to Deliver Significant Surprises Through Token Unlocks! Here's the Schedule by Day and Hour

cryptonews.ru08/30 21:00

Bitcoin's Price Rally Pauses, and Arthur Hayes Says Strategy Is Paying the Price

Bitcoin's price appreciation has stalled, and Arthur Hayes argues this undermines the core business model of MicroStrategy (MSTR). The company has historically traded at a large premium to the value of its bitcoin holdings (mNAV), allowing it to issue new shares to buy more bitcoin. With bitcoin currently moving sideways in the $70,000-$81,000 range, that premium has collapsed to near zero, leaving MicroStrategy unable to fund new purchases through equity issuance without diluting shareholders. Hayes outlines three problematic options for CEO Michael Saylor: issue shares at little to no premium (diluting shareholders), sell bitcoin directly (violating the "never sell" principle), or cut dividends on preferred shares (alienating income-focused investors). He highlights the burden of ~$1.5 billion in annual dividend obligations from these preferred shares, noting Saylor had previously suggested possibly selling some bitcoin to cover them—a statement Hayes mocks. Hayes's broader point is that MicroStrategy's original purpose—providing a leveraged equity play on bitcoin—loses its rationale when bitcoin's price is flat. Investors seeking direct exposure can now simply buy a spot bitcoin ETF without taking on MicroStrategy's leverage or dividend burden.

cryptonews.ru08/28 08:36

Bitcoin's Price Rally Pauses, and Arthur Hayes Says Strategy Is Paying the Price

cryptonews.ru08/28 08:36

Stanford Business School Internal Guide: Look Beyond the Reputation, How to Accurately Identify the 5% of Truly 'Top VCs'

"Stanford Business School Internal Guide: Beyond Reputation, How to Precisely Identify the Top 5% of 'Elite VCs'" Professor Ilya Strebulaev of Stanford Graduate School of Business, using data from 230,000 investments, reveals that the top 5% of venture capital firms generate approximately 90% of the industry's profits. For founders, choosing the wrong investor can mean a tenfold difference in returns. The article introduces the data-driven 2026 Strebulaev-Jackson VC Ranking, an alternative to lists like Forbes Midas. It scores nearly 13,000 investors across 30 years based on six factors: dilution-adjusted ownership, net profit (investment cost subtracted), value-add (e.g., lead investor/board role), and attribution of credit between firms and individual partners. Key findings from the top 100 firms: - Sequoia Capital leads with 10,158 points. - Performance follows a power law: the #1 firm scores ~41x more than #100. - Unicorn count is a poor performance proxy (e.g., SV Angel with 139 unicorns ranks #31). - 21 of the top 100 were founded in 2015 or later. - 23 firms have their top-scoring investment in frontier AI/AI infrastructure. - Geography remains concentrated: 62 in California, 19 in New York. The author cautions against using the rank order blindly. Founders must prioritize: 1. Strategic fit (stage, sector, involvement model) over raw rank. 2. Due diligence on the specific partner, not just the firm brand. 3. Recognizing that VC partnerships are long-term commitments akin to marriages. The ranking is a tool to identify the elite 5%, but the final choice requires deeper research into partner dynamics and how investors behave during a company's difficult times.

marsbit08/25 07:06

Stanford Business School Internal Guide: Look Beyond the Reputation, How to Accurately Identify the 5% of Truly 'Top VCs'

marsbit08/25 07:06

Strategy Repays Its Costs and Starts Hoarding US Dollar Cash Again

The article details a strategic shift by MicroStrategy, the world's largest corporate Bitcoin holder, as it pivots from aggressive Bitcoin accumulation to building substantial cash reserves. Following a 13% weekly Bitcoin rally above $78,000—which brought its massive 840,447 BTC holding back above its average cost basis of $75,385 per coin—MicroStrategy took no new Bitcoin purchases. Instead, the company raised approximately $2 billion by selling shares. It allocated these funds into two new US dollar pools: a restricted "USD Reserve" for debt/股息 payments (now holding $5.1B) and a flexible "USD Cash" pool ($1.59B) for potential market opportunities. This move marks a departure from CEO Michael Saylor's long-held narrative that cash is "melting ice." The primary driver is the need to meet fixed financial obligations, like the 12% dividend on its STRATeGY Preferred Shares (STRC), which have traded below their $100 face value. To support STRC's price, MicroStrategy has sold Bitcoin and used equity proceeds to repurchase these shares under a $1 billion buyback program. Analysts note this shift addresses immediate liquidity needs but highlights challenges in MicroStrategy's famed "flywheel" model. The model, which relied on issuing premium-priced stock to buy more Bitcoin, is impaired as the company's stock premium has evaporated. While the new cash reserves provide flexibility and time, they do not eliminate the underlying financial obligations. The article frames this囤积 of the once-scorned "melting ice" as a pragmatic adaptation to market pressures and a bid for operational flexibility amidst Bitcoin's volatility and regulatory scrutiny.

marsbit08/25 01:50

Strategy Repays Its Costs and Starts Hoarding US Dollar Cash Again

marsbit08/25 01:50

Is Strategy’s $54.5B Bitcoin bet no longer just about BTC’s price?

Michael Saylor's company, Strategy, holds a $54.5 billion Bitcoin (BTC) treasury, but its financial model faces new challenges. While it historically relied on issuing premium-priced shares to fund more Bitcoin purchases, its market-to-net asset value (mNAV) has fallen sharply to 1.03x, eroding that advantage. The company's cost basis for its BTC is now higher than its market value. To meet obligations like dividends, it recently sold some Bitcoin, shifting focus from pure accumulation to balance sheet sustainability. Key measures like Bitcoin per share and BTC yield have declined. The company must now prove it can sustainably finance future purchases and maintain investor confidence amidst a complex capital structure with significant funding gaps. While Strategy's scale is unmatched, its aggressive accumulation model is being tested, with the debate moving beyond treasury size to long-term financial resilience.

ambcrypto07/19 22:03

Is Strategy’s $54.5B Bitcoin bet no longer just about BTC’s price?

ambcrypto07/19 22:03

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