Metaplanet cuts Series 10 stock pool by 41% to 188.19 million shares amid shareholder backlash
Metaplanet reduced its Series 10 conversion rights by 131.3 million shares, increasing Bitcoin per share value by 8.8%. The company also scrapped plans for a new employee compensation program involving global consultants.
Metaplanet amended its Series 10 stock acquisition rights in response to shareholder concerns over dilution. CEO Simon Gerovich announced a reduction of the potential shares underlying the rights from 319.464 million to 188.19 million. This adjustment resets the conversion ratio from 1:696 to 1:410, mirroring terms set for a September 2025 international share offering. The reduction applies only to shares available through future exercises; existing delivered shares remain unchanged. Metaplanet stated this move extinguishes over $220 million in warrant value and increases the company's Bitcoin per fully diluted share by approximately 8.8%. Additionally, the company withdrew plans to transfer up to 90,000 rights into a long-term officer and employee incentive vehicle. Gerovich confirmed Metaplanet has cancelled negotiations with a leading global compensation consultant to develop this program. Instead, unvested rights now face stricter terms: one-third of them become exercisable in each of the years 2029, 2030, and 2031. This decision follows criticism regarding the option pool expansion from 46 million shares to 319.5 million earlier in the year.
