Metaplanet Scraps Executive Option Pool, Names New CFO in Sweeping Overhaul

Metaplanet named a new CFO, withdrew a contested equity incentive plan, advanced a capital reduction and approved a Hong Kong subsidiary.

Metaplanet spent Friday rolling out a package of governance and structural changes designed to steady a stock that has been battered by shareholder unease, and the market's initial response was favorable. The Tokyo-based Bitcoin treasury company confirmed a leadership shuffle at the top of its finance function, shelved a contentious equity incentive plan, pressed ahead with a capital reduction, and greenlit a new Hong Kong subsidiary — all within a single day's disclosure.

Shares finished the session at EUR 1.42, up 3.0%. The gain followed a punishing Tuesday in which the stock tumbled nearly 10% to JPY 244 as investors raised pointed questions about the company's option programs and CEO Simon Gerovich's ties to shareholder MMXX Ventures.

Finance chief swap and a retreat on incentives

Shinpei Okuno steps into the role of Executive Officer and CFO, moving up from his prior post overseeing capital markets and investor relations. In his new capacity he will steer financial strategy, capital policy, funding, and IR. Yoshihisa Ikurumi, who held the CFO seat, shifts to Executive Officer, Director of Administration and Investor Relations.

Alongside the appointment, Metaplanet withdrew a plan that had drawn fire: a proposed transfer of up to 90,000 subscription rights into a long-term incentive vehicle for executives and staff will not go ahead. In its place, the company intends to weigh a fresh stock-based compensation program developed with input from an internationally recognized pay consultant.

The reversal lands at a moment when Metaplanet is working to rebuild credibility with its shareholder base.

Capital reduction aimed at unlocking payouts

Directors also put forward a reduction of stated capital by JPY 27.8 billion. Shifting amounts from common stock and capital reserves into other capital surplus would enlarge the distributable pool — a prerequisite for future dividends and share buybacks.

Key dates attached to the measure: a record date of September 30, 2026, a creditor objection window closing December 16, 2026, and an effective date of December 30, 2026. Such capital reductions are typically balance-sheet maneuvers that can pave the way for dividend capacity or tax offsetting without altering the company's underlying operating substance.

Gerovich also published an English-language letter to shareholders Friday. In it, he noted that five new directors joined across the March 2025 and March 2026 general meetings, and that nine of the ten current board members are independent outside directors drawn from international audit and law firms as well as financial institutions. Headcount in accounting, legal, compliance, operations, and technology has expanded markedly over the past 18 months, he added.

Hong Kong arm extends the trading clock

The board separately approved the creation of Metaplanet Asset Management Asia Limited, a wholly owned Hong Kong subsidiary capitalized at USD 1 million and slated to begin operations in September 2026. Gerovich, Darren Winia, and Kelvin Lee are named as directors.

Operating under the banner "Project Nova," the unit is meant to build a Bitcoin-focused platform spanning asset management, securities trading, and capital markets activity. It complements a Miami subsidiary established in March that covers the same strategy during US hours, and follows an agreement to acquire brokerage Siiibo Securities for roughly JPY 2.1 billion. Together the footprint is intended to let Metaplanet respond to Bitcoin and related-asset moves around the clock.

On the operational front, Metaplanet had grown its Bitcoin holdings to 43,000 BTC as of July. Its Bitcoin Income Generation segment posted revenue of about USD 10.85 million in the second quarter. The next quarterly report is scheduled for November 13, 2026.

A stock still searching for a floor

Volatility remains extreme. A 30-day annualized reading of 81% and a gap of 65% below the 52-week high set in September 2025 illustrate how sharply the shares react to corporate news. Over the trailing twelve months the stock has shed 64% of its value, and Friday's close of EUR 1.42 sits well under that September 2025 peak of EUR 4.07. On a weekly basis the shares were still down 10% even after Friday's advance.

What emerges from the flurry of announcements is a company reworking its structure on several fronts at once — geographic reach, balance-sheet architecture, and executive leadership. For investors, the stretch between now and the December general meeting should sharpen the picture of how Metaplanet intends to pair its Bitcoin strategy with a durable financial framework.