Bitcoin Focused Metaplanet Stock Falls as Investor Doubts Persist After CEO Gerovich’s Public Reply

Metaplanet’s (TYO: 3350) stock weakened again after Chief Executive Simon Gerovich tried to answer shareholder criticism in a public note and left the market unconvinced. The Tokyo-listed Bitcoin treasury company dropped nearly 10 percent on Tuesday to 244 yen, after a 7.5 percent decline on Monday.

Across those two sessions the shares lost about 17 percent.

The selling followed Gerovich’s September 6 post on X, in which he conceded that the company had not explained its structure well enough. Investors treated the statement as incomplete rather than reassuring.

The flashpoint is Metaplanet’s Series 10 stock acquisition rights.

The plan dates to December 2022, before the firm became a Bitcoin treasury company.

Instead of awarding a fixed number of shares, it reserved a pool equal to 20 percent of fully diluted capital.

After the April 2024 shift to buying Bitcoin, each equity raise used to fund purchases enlarged that pool.

A program that started near 46 million shares expanded to about 319.46 million.

Ordinary holders were diluted while potential insider awards grew with every issuance.

On August 18 the board removed the adjustment clause, froze the pool at 319,464,000 potential shares, kept the 10-yen exercise price, and added a lock-up through August 17, 2031.