Metaplanet, the Japanese Bitcoin treasury company, will reduce its Series 10 stock acquisition rights by 131.3 million potential shares, cutting the total potential share count from 319.464 million to 188.19 million.
CEO Simon Gerovich announced the amendment in a Friday X post. The company will reset the conversion ratio from 1:696 to 1:410, matching the level before its September 2025 international share offering.
The adjustment extinguishes more than $220 million in warrant value. Gerovich said this move increases the company's Bitcoin per fully diluted share by approximately 8.8 percent.
The move addresses shareholder backlash after the option pool expanded from 46 million shares to 319.5 million in August. Some shareholders called for canceling the 273 million additional potential shares.
Metaplanet also withdrew plans to transfer up to 90,000 rights into a long-term officer and employee incentive vehicle. The company will develop a new compensation program with a leading global consultant.
Under the amended terms, all unvested rights will face additional exercise restrictions, with one-third becoming exercisable in each of 2029, 2030, and 2031.
Gerovich exercised rights to acquire 92,000 shares under the Series 10 pool on Aug. 31. He recused himself from the board's deliberations and vote on the adjustment, citing his position as a Series 10 holder.
Separately, Metaplanet will establish Metaplanet Asset Management Asia Limited in Hong Kong. The new subsidiary will launch in September with $1 million in initial capital.
This Hong Kong entity will conduct trading in Bitcoin, equities, and credit products during Asian market hours as part of Metaplanet's "Project Nova," an initiative to build a Bitcoin-centered platform for asset management, securities, and capital markets.
In June, Metaplanet acquired Siiibo Securities for 2.1 billion yen, equivalent to $13.1 million, to establish a dedicated securities arm.
Metaplanet shares fell 3.8 percent Friday, contributing to a 15 percent decline over five days. The company recently reported acquiring 2,823 BTC, bringing its total Bitcoin holdings to more than 43,000.
