Overview
- On Sept. 11, 2026 the board approved an amendment that resets the Series 10 conversion ratio from 696 shares per right to 410, cutting potential shares from 319.46 million to 188.19 million and extinguishing more than $220 million of warrant value.
- The change raises Metaplanet's Bitcoin per fully diluted share by about 8.8% while leaving previously issued shares, including CEO Simon Gerovich’s ~64.03 million shares, intact.
- Unvested rights are split into three equal tranches that become exercisable on Aug. 18, 2029, Aug. 18, 2030, and Aug. 18, 2031, and all shares from exercises remain subject to a lock-up through Aug. 17, 2031 with a JPY 10 exercise price.
- The company cancelled a planned transfer of up to 20% of unexercised rights into an employee incentive pool and said it will hire a global compensation consultant to design a new pay program and strengthen governance.
- Metaplanet is proceeding with international expansion, including a Hong Kong trading subsidiary, while the revisions aim to address investor backlash that followed the automatic adjustment clause that had swollen the pool during equity-funded Bitcoin buys.