Metaplanet shares have tumbled about 17% over two trading sessions, sinking to ¥244. This sell-off came right after CEO Simon Gerovich addressed investors, following a wave of backlash over the company’s executive stock option plan and its ties to shareholder MMXX Ventures.

Option Pool Balloons: 46M → 319.46M Shares

As Metaplanet kept issuing new options, the company’s option pool exploded from around 46 million to 319 million potential shares. In August, Metaplanet locked the pool at 319.46 million shares and slapped a five-year lockup on it.

Investor Demands Heat Up

Even with the option pool capped and a lengthy lockup in place, some investors called for the rollback of additional rights tied to the option program. In response, the company went public with an investor update—but shares still slid to ¥244 over the next two days.