# Bitcoin — X 热门讨论 (2026-09-14 11:39 UTC)
## @cryptorover (Crypto Rover) · 09-14 10:42 · ♥324 ↻23 💬61 Hey @Grok,
Which Scenario is most likely?
This week… 🤔
Scenario 1 CLARITY Act passes ✅ Fed holds ✅ → Bitcoin $100K
Scenario 2 CLARITY Act passes ✅ Fed hikes ❌ → Bitcoin $90K
Scenario 3 CLARITY Act fails ❌ Fed holds ✅ → Bitcoin $80K
Scenario 4 CLARITY Act fails ❌ Fed hikes ❌ → Bitcoin $70K
Vote: Tuesday. FOMC: Wednesday. https://x.com/cryptorover/status/2099448572848861250
## @RoaringRagnar (Ragnar) · 09-14 06:59 · ♥312 ↻32 💬47 My final thoughts on Metaplanet.
This will most likely be my last long post on Metaplanet. You may want to bookmark it for future reference.
Let me start by saying how incredibly disappointed and sad I am. Metaplanet used to be my largest position. I had enormous respect for the team. I saw tremendous potential. And for the past 16 months or so, I was one of their most vocal supporters.
Unfortunately, all of that came to an end over the last month.
Let me be clear. I want Metaplanet to succeed. I want them to be the best possible company they can be. And I would love to be a long-term shareholder.
But it seems my values and principles are not aligned with theirs. And that we have to part ways.
My principles include:
1. Align with shareholders as fully as possible, and treat them as real partners. 2. Behave in a way that passes Warren Buffett’s Newspaper Test. (See link below) 3. It’s okay to make mistakes. But if you do, own them. Take full responsibility. Apologize. Make it right. 4. Excellent performance deserves excellent compensation. But it has to be reasonable, defensible, and based on clearly defined criteria. 5. Respect the ethos of Bitcoin. Avoid the Cantillon effect like the plague.
The root cause.
When you think it through, it’s pretty clear that the 10th series should have been frozen at 46 million shares when Metaplanet embarked on its Bitcoin journey. I’m sure every compensation consultant would have flagged this, and that shareholders would not have approved it if they had the opportunity to vote on it after the Bitcoin pivot.
This is the root cause of the situation. And it could have been fully fixed retroactively. And to be clear, it still can be fixed.
In fact, so far, the team had several chances to fix it.
1) After the community raised concerns about the extra 96.25 million shares in September/October 2025. They didn’t.
2) After the first round of criticism in July and August 2026. On August 18, they chose to do the bare minimum. They didn’t fix it.
3) With their second amendment on September 11, following a very loud backlash. Again, they chose what feels like the minimum they could get away with. They didn’t fix it.
To be honest, I’m tired and frustrated. I really wish they had done the right thing. Which then could have been a proper foundation for rebuilding the broken trust over the years to come.
Instead, it appears they have drawn a line in the sand and decided that they won’t do the right thing.
So, unfortunately, I am done. I did what I could, and said what I had to say. But this is as far as I’m willing to go.
As you know, I’m no longer a shareholder. And I have no plans to change that anytime soon.
It’s never too late to fix a mistake.
If they ever wanted to regain my trust, here is what they would have to do:
1. Fully roll back the 273 million extra shares from the 10th series, while keeping the 46 million shares from right before the Bitcoin pivot. 2. Cancel the 18th series employee incentives and have the 19th series reviewed, ideally by an external consultant. 3. Hire a global compensation consultancy to create a proper compensation policy, fully aligned with shareholders. 4. Put that policy to a shareholder vote, with insiders abstaining. If approved, apply it retroactively to the full duration of the Bitcoin strategy. 5. Apologize for their biggest mistakes and list them one by one, including not replying when asked about the 96.25 million extra shares. 6. Provide full transparency on MMXX and Simon’s economic interest. Explain every major past share transaction, including share lending and sales, and disclose any past or present conflicts of interest. 7. Provide full transparency on EVO Fund and all terms, including the terms of MMXX’s lending to EVO, and disclose any past or present conflicts of interest. 8. Radically improve corporate governance with the help of independent external experts, and explain the changes publicly. 9. Engage with shareholders more frequently and respond to their concerns in various formats, including video Q&A sessions.
What’s next.
There are brave people continuing this work. It’s not over yet. In my recent poll of 2,505 participants, 51.8% said the latest changes were not good enough.
Make sure to follow @thebtcpharaoh and @HODL15Capital for their continued excellent research and courageous posts on this topic. And remember, the best way to stay up to date is to type “Metaplanet” into the X search bar and review the “Top” posts.
Of course, every shareholder needs to decide what is best for them, and everyone needs to draw their own conclusions. I’m not telling anyone what to do. I’m simply sharing my thoughts and my actions.
I’m proud of the work I’ve done with @ZynxBTC and so many others who got involved. This industry will be so much better because we had the courage to fight for our beliefs. From now on, every company will think twice about how it sets up its corporate governance and compensation system. And maybe, just maybe, we prevented the next FTX or the next Mt. Gox by demanding the highest standards.
The Irresponsibly Long Metaplanet community, which I founded and where @ZynxBTC served as a moderator, has now been deleted.
So with that, farewell, Metaplanet.
--
Here is a list of all my posts on this topic for reference (sorted newest to oldest):
9/13/26: I had no idea that EVO owned 70.2% of Metaplanet at the time when the 10th series was approved. https://t.co/2FeTo1iRjO
9/11/26: Metaplanet shareholders, be honest. https://t.co/mfmn9j7P8G
9/6/26: My reply to Simon Gerovich, CEO of Metaplanet. https://t.co/7X3jDOeCTt
9/5/26: Metaplanet history of public mentions of the 10th series stock options. https://t.co/xvLNr1jZ2S
9/5/26: I keep thinking about the Warren Buffett newspaper test. https://t.co/iuPkSv4WJY
9/4/26: People have asked me why I keep posting about Metaplanet. https://t.co/90F2RiZSpG
9/3/26: How Metaplanet can solve this situation. https://t.co/e5YtBTkSN9
9/3/26: Remember the mysterious 96.25 million additional shares from the Metaplanet international offering last year? Now we finally have our answer. https://t.co/Q4ThPWCsI0
9/2/26: Here are my conclusions on the Metaplanet 10th series situation. https://t.co/cMy2MEdU3V
8/25/26: The Metaplanet 10th series situation still doesn‘t sit right with me. https://t.co/R1Y6f4SYNd
8/18/26: Metaplanet addresses the anti-dilutive option grant situation. https://t.co/VFZxNTPU7K
8/10/26: There‘s a lot of discussion on legacy, anti-dilutive option grants https://t.co/sCUKp6bY3L
9/26/25: Important Question with Regards to the New Metaplanet Share Count https://t.co/f4x32vyIhR
--
Other posts on the topic that fully resonated with me:
9/12/26 „I wanted Simon’s post to change my mind. It didn’t.“ https://t.co/dRxTi0Iwm6
9/12/26: „Integrity is doing the right thing when no one is watching.“ https://t.co/orUQZK0VDa
9/11/26: „Just to be clear, I am no longer a shareholder in Metaplanet.“ https://t.co/X4Cu6c8zqU > 引用 @gerovich: A Letter to Metaplanet Shareholders:
Over the past several weeks, many of you have asked questions about Metaplanet's compensation structure, governance, and the decisions we made as we transformed the business in less than two years from a struggling Japan-centric hotel operator into a global Bitcoin treasury company.
Those conversations are important and warrant thoughtful responses, and I have tried to provide them with this note, which I hope you will read in its entirety.
Most importantly, as I reflect on where Metaplanet is today, one thing is increasingly clear: we are no longer the company we were when the incentive structure at the center of this dialogue was created. We have grown faster than any of us imagined, our shareholder base has become truly global, and our business has evolved significantly. As the company matures, our governance, compensation, and communication practices must mature with it.
That is why our Board of Directors has decided to further evolve the adjustments to the Series 10 stock acquisition rights and cancel 41% of the associated shares, resetting the conversion ratio to the level that existed before our international offering in September 2025. While as a Series 10 holder I recused myself from this decision, I fully support it. We all agree that we have one paramount goal: to ensure shareholders have complete confidence that we are aligned with them, in both action and intention.
The original structure was designed for a very different stage in our history, when the company was much smaller and its future far less certain. It served an important purpose during that time. But leadership requires the willingness to revisit past decisions when circumstances change.
One of the lessons of the past two years is that the same qualities that enabled our transformation, namely conviction, innovation, and a willingness to challenge convention, must now be matched by greater discipline and even more thoughtful oversight.
The Board’s decision, and the consent of the Series 10 holders, reflect our evolution as a company. We will continue to assess and refine our practices as Metaplanet grows, and our responsibilities to shareholders grow with it.
What’s Changing:
Here are the three key components. The full Tokyo Stock Exchange timely disclosure is linked in the post below. Note that the amended terms were considered, formulated and approved by our Board of Directors, and were then agreed with the unanimous consent of all Series 10 holders. As the only director holding Series 10 rights, I did not participate in the deliberation or the vote.
1. We are resetting the conversion ratio to 1:410
The ratio of warrants to shares started at 1:100 and was fixed on August 18, 2026, at 1:696. It will be reset to 1:410, which is where it stood immediately before our international share offering in September 2025. September 1, 2025, the date of our final Bitcoin purchase disclosure before that offering, represents a natural inflection point in our journey. Up to that point, enterprise value was driven primarily by the efforts of the team that conceived, financed, and executed Metaplanet's transformation. After the international offering, growth in both our share count and Bitcoin holdings increasingly reflected our ability to access larger pools of capital and scale the Bitcoin treasury strategy. This offering is the point at which capital raises became less accretive (still accretive, but less so), and it is the point identified as giving Series 10 holders disproportionate value relative to existing shareholders. This action, which extinguishes over $220 million of warrant value, reduces the number of shares underlying the warrants by 41%, reduces the fully diluted share count accordingly, and increases Bitcoin per fully diluted share by approximately 8.8%.
2. We are imposing additional exercise conditions
Under the new terms, all unvested warrants are subject to extended restrictions on exercisability, with one-third of this pool becoming exercisable in 2029, one-third in 2030, and one-third in 2031. The five-year lock-up agreed to last month is unchanged, so shares received on exercise remain subject to that lock-up until it expires. For full details please see the TSE disclosure.
3. We are cancelling the allocation of warrants to a new employee incentive pool and instead accelerating our design of a new compensation program.
The 20% of warrants previously earmarked for transfer to an employee incentive pool will not be transferred. Those warrants are simply cancelled, as part of the 41%. We will develop a new plan in consultation with a leading global compensation consultant to incentivize new hires. We will share details as the design progresses.
How We Got Here:
Those are the headlines. But it's important at this moment to take a step back and remember where our journey began. This is critical to understanding why the Series 10 stock acquisition rights were created, the circumstances which provided the backdrop, and the meaningful risk taken by those who invested in those warrants at a very different moment in time.
Building a Bitcoin treasury company in Japan was unprecedented for any enterprise, let alone a small Japanese hotel operator emerging from a difficult period. There was no playbook for what came next. As a near-bankrupt TSE-listed Japanese company, our circumstances were not analogous to any of our peers, not the one company that came before us nor the many that have followed. The team that conceived of this innovative transformation and took on this challenge, myself included, did so when the outcome was highly uncertain. We invested our time, our careers, and our own capital into a company that was far more likely to fail than to succeed. We were paid very little cash compensation to do it and that remains the case today.
Instead, to attract and retain the people needed to rebuild the company, shareholders approved a long-term equity ownership and incentive program: the Series 10 stock acquisition rights. Holders purchased those rights with their own capital, accepted significant restrictions, and faced a multi-year vesting period. If the company failed, the team would receive virtually nothing for the effort they put in. The objective was to align the people rebuilding the company with its long-term success, unlock extraordinary motivational force, and sustain that for a period of high growth.
The Series 10 stock acquisition rights were never intended to incentivize non-accretive or modestly accretive dilution. Instead, during the initial phase of high growth, this structure allowed us to assemble a talented team and then transform the company by rapidly acquiring Bitcoin in a highly accretive manner. The adjustment we are announcing today seeks to ensure that intention is reflected in the outcome for our shareholders.
The Series 10 stock acquisition rights and their impact were publicly disclosed and reflected in the fully diluted share count, as well as in the BTC-per-share and BTC Yield metrics we shared with investors. We also now recognize that disclosure and awareness are not always equivalent.
Since then, Metaplanet has evolved dramatically. What began as a turnaround has become one of the most closely followed Bitcoin treasury companies in the world. In record time, we became the largest publicly traded Bitcoin owner in Asia and one of the largest Bitcoin treasury companies globally, despite operating in one of the world's most conservative financial and regulatory environments.
In fact, today we are the only non-U.S. company among the top 16 global Bitcoin treasury platforms.
Our Commitments Going Forward:
With these factors in mind, we are taking several other steps to ensure our structure and practices continue to mature as the business does.
First, we are engaging independent external experts to help create a new compensation program to ensure it appropriately aligns management incentives with long-term shareholder value creation.
Second, we are continuing to institutionalize the company. This includes strengthening board oversight and appointing five new board members across the March 2025 and 2026 annual shareholder meetings, representing half of our ten-member board (nine of whom are independent), and including those with experience at leading global audit firms, law firms, and financial institutions. Strong governance is a priority at Metaplanet. In addition, we have expanded our leadership team, added experienced professionals across the range of critical support functions: accounting, legal, compliance, operations, and technology, and enhanced the internal controls required to support a company of our scale and complexity. These strengthening efforts have been implemented in less than 18 months and we will continue to do more.
Third, we are committed to increasing transparency and shareholder engagement, providing additional context around our capital structure and financing activities, and engaging with shareholders in both English and Japanese in a consistent fashion.
These actions are particularly important as Metaplanet continues to expand internationally, including through the pending acquisition of a controlling stake in Super League Enterprise, a Nasdaq-listed company.
As we look ahead, our goal is simple: to build a company that endures and that captures the vast opportunity in Bitcoin for the benefit of shareholders. Metaplanet is the story of a small company that reinvented itself, built a new model in a market where few believed it was possible, and became one of the most significant Bitcoin treasury companies in the world. We have been more successful than any of us imagined when we began, and we have an extraordinary growth path ahead. Along the way, we will do our best to make the right decisions, and when we get it wrong, we will adjust with the interests of our shareholders top of mind.
We are proud of what we have built, and we remain deeply committed to our shareholders.
Thank you for your support, your engagement, and your belief in what’s ahead.
Simon Gerovich Chief Executive Officer Metaplanet https://x.com/RoaringRagnar/status/2099392642064748750
## @jvisserlabs (Jordi Visser) · 09-14 09:55 · ♥327 ↻35 💬12 Nearly 18 years after the Bitcoin white paper, Bitcoin has survived crashes, skeptics, governments and countless predictions of its death.
At some point, survival itself becomes information. No more time to sit on the sidelines and wait as AI and crypto merge.
Everyone has a Bitcoin story. @natbrunell has written the book to help you begin yours.
My latest Substack: https://t.co/Dph6o2un9w https://x.com/jvisserlabs/status/2099436880886468634
## @btcjvs (James Van Straten) · 09-14 08:27 · ♥325 ↻33 💬13 The Bank of England is going to raise rates into an oil, gas, energy and gilt crisis, with unemployment growing and growth flatlining.
On top of culture wars and a collapsing property market.
Buy Bitcoin. https://x.com/btcjvs/status/2099414628975460858