When a CEO buys more of his own company right after a dilution event, the market tends to notice. Metaplanet’s Simon Gerovich did exactly that, exercising stock acquisition rights on August 28 to scoop up 64,032,000 common shares of the Tokyo-listed Bitcoin treasury company, lifting his total position to 79,587,500 shares and his ownership stake to roughly 5.9%.
The timing matters. Just three days earlier, a large-shareholder report had shown Gerovich’s stake dropping from 17.99% to 14.19%, a consequence of new shares being issued as part of Metaplanet’s aggressive capital-raising program rather than any selling by the CEO. His response was to exercise the 10th Series Stock Acquisition Rights and add significantly to his position.
Gerovich exercised 92,000 units of the 10th Series rights, converting them into 64,032,000 common shares. Before the transaction, he held 15,555,500 shares. After it, he holds 79,587,500.
The newly acquired shares come with a lock-up agreement that runs until August 17, 2031. The lock-up terms were baked into an amendment to the 10th Series rights dated August 18, 2026, just ten days before Gerovich exercised them.
Metaplanet trades on the Tokyo Stock Exchange under ticker 3350 and has spent the past couple of years building out a Bitcoin reserve that now stands at approximately 43,000 BTC. The company is often described as Asia’s answer to MicroStrategy, the US firm that pioneered the corporate Bitcoin treasury playbook.
Metaplanet has been expanding its operational footprint beyond simply holding Bitcoin. The company acquired Siiibo Securities, rebranding it as Metaplanet Securities, which extends its reach into financial services. It is also developing a US-focused Bitcoin treasury platform called Superplanet.