Overview
- Metaplanet announced on Sept. 11, 2026 that it reduced the Series 10 stock acquisition pool by about 41.1%, lowering potential shares from 319.46 million to 188.19 million.
- The company reset the conversion ratio from 696 to 410 shares per right, a move it says removes more than $220 million of warrant value and raises Bitcoin per fully diluted share by roughly 8.8%.
- Unvested rights will now vest in three equal tranches in 2029, 2030 and 2031, the exercise price stays at JPY10, and shares already issued remain valid and locked until Aug. 17, 2031.
- The board also cancelled a planned transfer of up to 90,000 rights to an employee incentive pool and said it will design a new compensation plan with a global consultant to avoid repeat dilution.
- Metaplanet said it will register the amendment quickly and set up Metaplanet Asset Management Asia Limited in Hong Kong to handle Asian trading, but activists and some shareholders continue to press for deeper rollbacks and stronger governance.