Metaplanet CEO Simon Gerovich has responded publicly to weeks of shareholder criticism over corporate transparency, outlining recent governance changes intended to align leadership with investor interests. The Tokyo-listed Bitcoin treasury company also addressed Gerovich's personal ties to MMXX Ventures, one of its shareholders, as the firm continues to face scrutiny over its stock acquisition structure. Metaplanet, which has adopted a corporate strategy of holding Bitcoin as its primary treasury reserve asset, joins a small group of public companies worldwide pursuing that model, which has drawn investor attention to how such firms structure equity issuance and compensate management.

Governance Changes Target Shareholder Alignment

Gerovich said his team spent the past week reading shareholder feedback. He acknowledged that Metaplanet had not clearly explained how its structure supports long-term value, while stating that leadership and shareholders share the same underlying goal despite differing opinions on execution. He framed the disagreement as a matter of communication rather than intent.

On August 18, Metaplanet announced adjustments to its 10th Series stock acquisition rights, according to filings. The changes removed an adjustment provision that had drawn shareholder objections and fixed the total share count under the program going forward. Gerovich said the update was designed to remove uncertainty from the structure and strengthen alignment between management and investors, adding that Metaplanet introduced additional measures alongside the fix.

The company plans to continue reviewing its broader governance and compensation policies. Gerovich said further updates will follow once that internal review concludes, and he framed the announcement as part of a wider push for clearer communication, noting that transparency remains a priority going forward. He did not set a timeline for completing the governance review, saying the company would share specifics only once decisions are finalized.

I wanted to take a moment to post about communications and transparency. Over the past week, my colleagues and I have spent a lot of time reading the questions, feedback, and criticism that you have shared. Thank you for your passion, and for your belief in Metaplanet. One… — Simon Gerovich (@gerovich) September 6, 2026

Source: X post by Simon Gerovich (@gerovich), September 6, 2026

MMXX Ventures Ties Draw Shareholder Questions

Gerovich also addressed his relationship with MMXX Ventures, a Metaplanet shareholder. He said MMXX holds shares in Metaplanet as an outside investor, and described himself as a significant but non-majority shareholder of MMXX's parent company. He said that stake does not extend into MMXX's daily operations.

The CEO stated that he holds no director or officer role at MMXX Ventures and plays no part in the firm's investment or trading decisions. He said he can only speak to decisions made directly at Metaplanet, drawing a clear line between his personal holdings and company matters.

The clarification followed weeks of questions about potential conflicts of interest, with shareholders asking how Metaplanet's leadership connects to MMXX's market activity. Gerovich's statement aimed to separate his personal stake from Metaplanet's operations, saying the distinction matters for how shareholders judge the company's decisions.

Gerovich closed by thanking shareholders who engaged with Metaplanet over recent weeks. He said the company will share more detail as future decisions are made, framed ongoing communication as central to the firm's next steps, and said shareholder feedback would continue shaping how Metaplanet operates. For shareholders and observers, the outstanding items to watch are the conclusions of the pending governance and compensation review and any further disclosures about the relationships between Metaplanet's leadership and its institutional investors.