S K

[Theta Maestro @ThetaMaestro]

My estimation is that Dylan made close to 30M. We need to implore the SESC and the FSA to issue mandatory Document Submission Orders (US equivalent of subpoena). Let's see exactly what those internal emails look like @gerovich

[Ace Ender @orangeyield]

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

[The Strategy ₿et @StrategyMaxi]

Just sell Metaplanet to $MSTR.

Saylor or Phong Le will never pay themselves $500m+ worth of stock options.

There is no second best.

[Itai Yanai @ItaiYanai]

🔥Does academia stifle creativity? This new perspective argues that academia is currently structured to select against creativity, intellectual risk-taking and bold ideas. Young scientists – who may be best positioned for new ideas – are particularly incentivized to play it safe.

[S K @skden2020]

@LocasaleLab @dr_alphalyrae Need new institutional models - ones that do better than “academia”

[S K @skden2020]

@LocasaleLab @AnandNSharma So we might essentially have cloned proposals coming from
Various labs.. to some extent independent thought can drive the proposal in unique directions but there will be overlap still

[S K @skden2020]

@LocasaleLab @StefanKy Would the NIH ever consider/fund such a proposal? Or tag it as AI generated and mark /ding the author for plagiarism /AI /other claims along the line.

[S K @skden2020]

@LawrenceLepard @ZynxBTC Incentives are thicker than morals :)

(Blood is thicker than water ..)

[S K @skden2020]

@itchdoctor For some scientists it may be better to drop out of universities to be able to make progress. University drop out may be the equivalent of Steve Jobs dropping out of college. We need solutions where scientists can do science and the administrators can administrate whoever’s left.

[Lawrence Lepard, "fix the money, fix the world" @LawrenceLepard]

No, investors are selling Metaplanet because they enacted a compensation scheme that is unprecedented and completely outside the boundaries of public company corporate behavior. In fact it is so rich that it has literally never been done before. Management did not act as a fiduciary for their shareholders. A standard they should be held to. They should be fired, resign, disgorge the unearned gains or suffer in a class action lawsuit. I no longer own the Company but if I were a holder I would initiate such a suit.

[S K @skden2020]

@X111LVX @Metaplanet @DylanLeClair Shouldn’t it be whether DylanLeClair is OK with what is going on? His reasons to stay could be purely financial /tied to benefits/incentives

[S K @skden2020]

@HermesLux Let’s hope :) greed has no end from what I can say observe

[S K @skden2020]

@HermesLux Hopefully there is more scrutiny going forward. The shareholders who’ve held through and continue to hold through these dilution events deserve better and the gains to be had in future

[S K @skden2020]

@HODL15Capital @Metaplanet It will help
To name the other employees who benefit

[S K @skden2020]

@MikhailaFuller Wow that is unbelievable. Thanks for sharing this and shedding light on the state of health care. India is a reliable place to access orthopedic health care I know several people with very successful joint replacements myself who got it done in India

[Sann @san_x_m]

In 1970, in a laboratory in Kansas, a man from the Himalayas was wired to an electrocardiogram and told the researchers he was going to stop his heart.

They expected it to skip a few beats.

Instead the pen on the machine went wild, and for 17 seconds his heart pumped no blood at all.

His name was Swami Rama.

He arrived in the United States in 1969. A doctor at a veterans hospital in Minnesota, Daniel Ferguson, watched him make his own pulse disappear under medical supervision, and telephoned a researcher named Elmer Green at the Menninger Foundation in Topeka, Kansas.

Green and his wife Alyce ran a laboratory studying whether people could consciously control bodily functions that medicine considered involuntary. Heart rate. Blood flow. Brain activity.

Swami Rama agreed to be a research subject. He was clear about why.

I am doing this, he said, not to show that I am a magician or a superhuman being, but to show that by controlling the mind one can control one's bodily functions.

The experiments ran through 1970 and 1971.

He was asked to change the temperature of his own hand. He raised the temperature on one side of his right palm and lowered it on the other, producing a difference of about 5 degrees Celsius between 2 points on the same hand. The 2 sides visibly changed colour.

He produced brain waves on request. Alpha, then the theta waves of dreaming, then the slow delta waves of deep sleep. He appeared to be asleep and was snoring. Afterwards he repeated back, accurately, what people in the room had said while he was under.

Then came the heart.

Green expected that if it worked at all, a few beats would drop out. What the machine recorded instead was atrial flutter. His heart rate shot from a steady 70 to around 300 beats per minute, so fast that the chambers could not fill and the heart stopped moving blood.

It held for 17 seconds. Then he drew in his diaphragm, and it returned to 70.

He was unharmed.

Green wrote it all up in a book called Beyond Biofeedback in 1977. The charts are in it.

What came out of that laboratory was not mysticism. It was biofeedback, the ordinary clinical technique now used in hospitals to help people manage chronic pain, migraines, high blood pressure and anxiety, by showing them their own body's signals on a screen so they can learn to shift them.

He never claimed a miracle. He claimed the autonomic nervous system was trainable.

The machines agreed with him.

[Theta Maestro @ThetaMaestro]

Typical of @gerovich to make it worse. You fail to admit that you rolled it back on August 18th only because you got caught. You screwed shareholders out of 96M shares, and kept silent when asked and would have kept silent. So respectfully, roll back the shares... or resign.

[Lief Magnus @LiefMagnus]

lol too good to be true. @gerovich is a grade +A scammer.

Purposefully diluted shares of his company knowing that this warrant was printing him hundreds of Millions (Billions in 2025) at the expense of shareholders.

Utter disbelief.

[THE BITCOIN PHARAOH @thebtcpharaoh]

A reply to Simon's post on transparency

@gerovich, thank you for posting [1]. You asked for engagement, so here is mine, with the sources linked below so anyone can check.

On MMXX. Your post says you are a "significant but non-majority shareholder" of MMXX's parent, with no role in its decisions. Metaplanet's securities report filed 26 March 2026 says you "indirectly hold a majority of the voting rights" of MMXX Ventures and classifies it as a company whose voting majority is held by officers and their close relatives [2]. The FY2024 report says the same [3]. The December 2022 allotment notice says MMXX Ventures is 100% owned by MMXX Capital Limited and that you and Mark Reinecke are its shareholders [4]. Your own large-holding report of 25 August lists your wife as your only joint holder [5], and MMXX's reports list none [6]. A company whose votes you control would be a deemed joint holder under the FIEA. So either the securities reports are wrong, or the large-holding filings are, or "close relatives" is carrying a lot of weight in that sentence. Which is it, and who owns MMXX Capital Limited?

While on filings: your initial 5% report, due within five business days of 8 February 2023, was filed on 10 April 2025, together with four catch-up change reports for events in 2024 [7]. Twenty-six months. That is the CEO's own disclosure record on the company's own stock.

On the 10th series. The 18 August notice, in the company's words, says the adjustment clause "amplifies the dilution borne by existing shareholders" and raised "concerns regarding the relationship between capital-raising decisions and the interests of the SAR holders" [8]. I agree with every word. A clause that was misaligned on 18 August 2026 was misaligned on 8 April 2024 and on every raise in between; nothing about it changed except that shareholders read it. It took the pool from 46 million shares to 319 million, a claim on 7,207 BTC. On the September 2025 offering alone it handed the holders 2,068 BTC of claim against 277 BTC for the shareholders who funded the deal [9]. Ten days after fixing it forward you exercised 92,000 units into 64 million shares for ¥640 million [10]. Admitting the structure was wrong and keeping what it produced is a contradiction, and no amount of communication resolves it. The consistent position is: the pool ends at 46 million.

One more date. On 26 August 2025 all five holders signed an undertaking capping the pool at 25% of issued shares [8]. On 27 August the board resolved the $1.4 billion international offering. The undertaking was never announced by the company. It appears in your 17 September 2025 filing, in the same paragraph as your lock-up agreement with Morgan Stanley and Cantor Fitzgerald, the offering's bookrunners [11]. Management bounded the pool the day before launching the largest raise in the company's history, said nothing to shareholders, and let it grow under the cap for twelve more months. Was the undertaking a condition of the offering, and did the offering circular disclose the adjustment clause to the institutions that bought 385 million shares?

On the rest of the record, which the post did not address. Who were the nine parties given 467,500 9th-series warrants for nothing on pivot day, the ones who exercised at ¥20 against a ¥19 close [12]? Why did the board route 1.7 million lapsed retail rights free to MMXX and to you in October 2024, and sell the other 4.9 million to EVO at ¥22.1 each when they were worth about ¥633 [13]? Who sold MMXX 2 million shares at ¥600 that same day, against a ¥1,188 close [14]? MMXX sold roughly 50 million shares into the 2024 rally while the company was raising equity from the public [15]; if you have no role in its trading, who does?

Many of us put our hard earned savings into this company. And while we do not fault you for the recent performance of the share price as there are factors outside of your control, we do hold you accountable for those that are within your control, especially when it comes to transparency and your fiduciary responsibility towards shareholders. As I'm sure you've seen over the past couple of years, I've spent countless hours advocating for Metaplanet and publishing my views + insights (with no obligation or financial return) to foster a community of die-hard fans (including myself). In return we ask for something ordinary: that management be aligned with us rather than positioned against us, and that material terms be explained in the language most of us shareholders read, especially when the terms favor the people writing them. And even more importantly, when serious questions are raised by the community, especially the difficult questions, that management respond with clarity and transparency around those issues, rather than ignore them in the hope they will be forgotten (the receipts are all there). We trusted the team as stewards of our capital.

The fix in August was a step in the right direction. But "we can do better" is a promise about the future, and the questions above are about what already happened. Answer them, name the owners of MMXX, and unwind the pool to where it stood at the pivot. That is what alignment looks like. Everything else is PR.

Satoshi created Bitcoin so that no one could print themselves a bigger share and the rules would be visible to all. You preach that Metaplanet's conviction in bitcoin has never wavered. Yet the vehicle you run printed its insiders a growing share, behind rules its shareholders never saw. That is not aligned with Bitcoin's values.

$MPJPY $MTPLF $DN3

Sources
[1] Simon Gerovich, 6 Sep 2026: https://t.co/1EXRsoZxrw
[2] Metaplanet securities report FY2025, filed 26 Mar 2026, related-party note 4 (EDINET S100XTWY): https://t.co/cuWHWIUH6B
[3] Metaplanet securities report FY2024, filed 24 Mar 2025, related-party note 4 (S100VG8G): https://t.co/hRciY37asQ
[4] TDnet 28 Dec 2022, third-party allotment notice, allottee profiles (MMXX: 100% owned by MMXX Capital Limited; Gerovich and Reinecke shareholders): https://t.co/1zxCVw102W
[5] Gerovich change report No.8, 25 Aug 2026 (S100YXY8): https://t.co/v24c0txKdH
[6] MMXX Ventures large-holding filings (EDINET E38638), e.g. initial report 12 Apr 2023 (S100QL3V): https://t.co/ZgHybymPEG
[7] Gerovich initial large-holding report, obligation date 8 Feb 2023, filed 10 Apr 2025 (S100VL2I): https://t.co/t2DDYgKkA1
[8] TDnet 18 Aug 2026, amendment to the 10th-series terms (section 4 "Reason for the Amendment"; 26 Aug 2025 undertaking): https://t.co/Ov3hGEJeOP
[9] Effective Diluted Shares table, Metaplanet notice of 2 Apr 2026 (basis for the offering arithmetic): https://t.co/8yvGBU5c5N
[10] TDnet 31 Aug 2026, partial exercise of the 10th series: https://t.co/exAPLAHaxh
[11] Gerovich change report No.7, 17 Sep 2025, section 6 "important contracts" (Morgan Stanley / Cantor lock-up; 25% exercise undertaking) (S100WP31): https://t.co/YoBYZ7MDUE
[12] Extraordinary report of 24 Apr 2024 on the 9th-series transfers, reproduced in the Jan 2025 registration statement (S100V56J, pp. 57–58): https://t.co/gBj8lPVBZz
[13] TDnet 21 Oct 2024, 11th-series results, transfers to MMXX and Gerovich, sale of 4,915,487 rights to EVO at ¥22.1: https://t.co/5XnUM0xOty
[14] MMXX change report No.19, 29 Oct 2024 (2,000,000 shares acquired off-market at ¥600 on 22 Oct 2024) (S100ULCZ): https://t.co/Eg7IGkmOK1
[15] MMXX change reports Nos. 5–14 and 17–19 (Apr–Oct 2024 disposals), e.g. No.14 (S100U4AU): https://t.co/KM7cmospxm