Key facts
- Metaplanet reduced its Series 10 stock pool by 41.1%, from 319.46 million to 188.19 million potential shares.
- The adjustment extinguishes over $220 million in warrant value.
- Bitcoin per fully diluted share is expected to rise approximately 8.8% due to the restructuring.
- CEO Simon Gerovich recused himself from the board vote on the Series 10 rights adjustment.
- Metaplanet plans to establish a Hong Kong subsidiary with $1 million in initial capital.
Metaplanet, a Tokyo-listed Bitcoin treasury company, has significantly restructured its Series 10 stock acquisition rights following shareholder backlash over dilution concerns. The company announced on September 11, 2026, that it would reduce the potential share pool by 41.1%, from 319.46 million to 188.19 million shares, by lowering the conversion ratio from 696 to 410 shares per right. This move is expected to extinguish over $220 million in warrant value and increase the Bitcoin held per fully diluted share by approximately 8.8%. CEO Simon Gerovich recused himself from the board vote on the adjustment due to his personal holdings in Series 10 rights. The company also withdrew plans for a new long-term incentive vehicle and committed to using an outside compensation consultant for future plans. These changes come after shareholders demanded a rollback of the enlarged option pool, which had grown substantially since Metaplanet's pivot to Bitcoin in 2024. The company also announced its intention to establish Metaplanet Asset Management Asia Limited in Hong Kong with $1 million in initial capital, focusing on trading Bitcoin, equities, and credit products.