Metaplanet is reversing course on a major part of a disputed executive pay package following intense backlash from investors regarding the massive volume of new shares it might generate.
The Tokyo-traded enterprise, recognized as the third-biggest publicly traded bitcoin treasury, announced on Thursday that it will decrease the potential shares linked to its Series 10 stock acquisition rights by 41%, dropping them from approximately 319.5 million down to 188.2 million.
The Series 10 scheme functions as options giving management and other beneficiaries the privilege to purchase shares at a deeply discounted 10 yen each, originating in early 2023, more than a year before Metaplanet (MTPLF) transitioned into a bitcoin treasury firm. However, unlike standard fixed option awards, the total shares accessible via the framework could expand whenever Metaplanet floated more equity, causing the pool to swell as the company gathered funds to purchase bitcoin.
Chief Executive Officer Simon Gerovich stated that the revised adjustments eliminate over $220 million in warrant value while boosting bitcoin holdings per diluted share by roughly 8.8%.
The organization is essentially rolling the clock back by a year. The Series 10 conversion multiplier, which had climbed to 696 shares per option right, will be reduced to 410 shares, returning close to the level seen around this period last year prior to Metaplanet’s global share placement.
Metaplanet explained that it selected this threshold because its earlier stock offerings produced substantially higher bitcoin value per share. The firm noted that subsequent capital raises proved less efficient at expanding its bitcoin (BTC) reserves on a per-share basis. Gerovich admitted that the later equity issuances granted Series 10 beneficiaries “disproportionate value” compared to current shareholders.
The business is likewise postponing the execution timeline for the remaining options, with one-third unlocking across the years 2029, 2030, and 2031 respectively. Stock acquired through this initiative remains locked and cannot be liquidated prior to August 2031.
Additionally, Metaplanet abandoned a proposal to reallocate certain legacy Series 10 rights into a fresh employee incentive structure. Those particular rights will instead be nullified, and the corporation intends to formulate a distinct remuneration framework.
These modifications arrive during a difficult phase for Metaplanet equities. The stock dropped nearly 17% across two trading sessions earlier in the week after Gerovich’s initial reaction to the scandal failed to appease stockholders.
Metaplanet shares have declined over 38% year-to-date, heavily lagging behind both bitcoin, which dropped approximately 10%, and MicroStrategy (MSTR), whose equities have retreated about 13% across the identical timeframe.
Originally published at https://www.theblock.co/news/business/2026-09-11-metaplanet-reverses-course-executive-options-41-cut-potential-shares-scraps-employee-warrant-plan-414265.
