Metaplanet Cuts Executive Option Pool 41%, Extinguishes $220 Million in Value

Metaplanet, a Tokyo-listed company that pivoted from hotels to a Bitcoin treasury strategy in 2024, has repeatedly raised equity to build its digital-asset holdings. Its Series 10 stock acquisition rights were tied to fully diluted capital, allowing the executive and employee incentive pool to swell from about 46 million potential shares to 319.464 million. The expansion drew shareholder criticism over dilution, governance and whether management rewards remained aligned with per-share value.

On Sept. 11, 2026, Metaplanet’s board cut the conversion ratio for each Series 10 right to 410 shares from 696, reducing the potential pool by 41% to 188.19 million shares. Chief Executive Simon Gerovich said the change extinguished more than $220 million of potential warrant value and would lift Bitcoin per fully diluted share by about 8.8%. The company also withdrew a plan to transfer as many as 90,000 rights to a long-term incentive vehicle, while unvested rights will become exercisable in thirds in 2029, 2030 and 2031.