Metaplanet reduces Series 10 stock pool by 41% to 188.2 million shares, extinguishing $220 million in value
Metaplanet cut its potential share count under new Stock Plan Series 10 by 131.3 million. The adjustment increases the Bitcoin per diluted share and ends an executive incentive vehicle program.
Simon Gerovich, the CEO of Metaplanet, announced a significant reduction in the number of shares available under the company's Series 10 stock acquisition rights. The Japanese cryptocurrency treasury firm adjusted the total potential shares from 319.464 million down to 188.19 million. This move changes the conversion ratio from one part to 696 parts to one part to 410 parts. Shares issued through previous exercises remain unchanged and are not cancelled. Gerovich stated that the company will no longer transfer up to 90,000 rights to a long-term officer and employee incentive vehicle or develop a new compensation program with a global consultant. Instead, unvested rights face further restrictions where one-third becomes exercisable in 2029, followed by the same proportion in 2030 and 2031. This decision comes after shareholders expressed concern over the expansion of the option pool to 319.5 million shares earlier in August. Metaplanet confirmed the adjustment eliminates more than $220 million in warrant value. Consequently, the Bitcoin held per fully diluted share is expected to rise by approximately 8.8%. The changes take effect starting next month.
