According to CoinMeta, on September 6, Metaplanet CEO Simon Gerovich admitted that the company failed to adequately explain its Series 10 executive option plan and its relationship with major shareholder MMXX Ventures. He stated that he is an “important but non-controlling shareholder” of MMXX’s parent company and denied any involvement in the investment or trading decisions of MMXX, pledging to provide a clearer explanation of the company’s structure. This statement was made amidst criticism of the compensation plan, which expanded as Metaplanet issued shares for its Bitcoin treasury strategy. On August 18, Metaplanet set the cap of the plan at 319.464 million potential shares. On August 28, Gerovich exercised 92,000 options for Series 10 stocks, creating 64.032 million shares and increasing his direct holdings to 79.5875 million shares. The disclosure on August 31 by Metaplanet confirmed this exercise and its results. Nevertheless, the statements regarding the total economic exposure of Gerovich through MMXX are still estimates by shareholders and not figures confirmed by Metaplanet.