It seems many Metaplanet investors still believe the core issue is simply that Simon Gerovich received excessive compensation. It is much worse than that. While his compensation package was undeniably high, the more alarming reality is that management was directly incentivized to prioritize their own gain over shareholder value. Because executive incentive structure awarded management 0.2 shares for every new share issued, they pursued deals like last September’s disastrous International Offering. That transaction expanded the balance sheet by 50%—generating significant pay for management while adding almost no value for common shareholders. Compounding the problem, management obscured the anti-dilution clause that triggered these stock grants. Buring the clause deep within regulatory filings in Japan, management ignored repeated shareholder inquiries explaining why total shares outstanding spiked post-offering. Had this gone unchecked, management’s blueprint was to preserve this anti-dilution protection through 2033. Plans were already set to issue the 26th and 27th series of stock at 1.01 mNAV—a structure designed to potentially reduce Bitcoin per share for common investors while enriching leadership. Ultimately, they built an engine explicitly designed to siphon wealth away from equity holders. The sheer brazenness of this scheme is astonishing. Did management genuinely assume this model was sustainable, or was the goal always to exploit retail investors just long enough to secure personal wealth and pad the corporate treasury? @saylor @ColeMacro @LawrenceLepard @JoshMandell6 @laurashin @ZynxBTC @RoaringRagnar