Overview
- On Friday, Metaplanet reduced the Series 10 stock acquisition rights from about 319 million potential shares to roughly 188 million and reset the conversion ratio to 1:410 to shrink executive dilution.
- The board delayed exercise and reworked vesting so remaining unvested rights vest in equal tranches in 2029, 2030 and 2031, and it cancelled the previously planned 20% warrant allocation for employees.
- The company said the revisions will raise Bitcoin per fully diluted share by about 8.8% and that Series 10 holders approved the changes by unanimous consent.
- CEO Simon Gerovich’s recent exercise of 92,000 rights into roughly 64.03 million shares is now subject to the board’s lock-up terms after he recused himself from the vote that changed Series 10.
- Metaplanet also plans to incorporate Metaplanet Asset Management Asia Limited in Hong Kong with $1 million initial capital to handle Asian trading hours as it manages a roughly 43,000 BTC treasury and strengthens controls.