Metaplanet Reduces Series 10 Stock Pool by 41% and Announces Hong Kong Subsidiary

Simon Gerovich, the CEO of Metaplanet, stated that the Japanese Bitcoin treasury enterprise will introduce further modifications to its Series 10 stock acquisition rights in response to shareholder pushback regarding potential dilution.

Metaplanet will reduce the aggregate number of potential shares tied to these rights by 131.3 million, moving the figure from 319.464 million down to 188.19 million. This adjustment is achieved by resetting the conversion ratio from 1:696 to 1:410, which matches the valuation level recorded prior to its September 2025 international share offering, as Gerovich announced in an X post on Friday.

Equities already distributed via prior executions will not be recalled or rescinded. The downscaling applies strictly to the inventory accessible through subsequent exercises.

According to Gerovich, this alteration will wipe out over $220 million in warrant value while elevating the company’s Bitcoin holdings per fully diluted share by roughly 8.8%.

Additionally, Metaplanet will abandon its proposal to allocate up to 90,000 rights toward a long-term incentive vehicle for officers and staff, opting instead to formulate a fresh compensation layout alongside a premier global remuneration consultant. Under these revised parameters, all unvested rights will encounter stricter exercise limits, with one-third becoming eligible for execution across the years 2029, 2030, and 2031 respectively.

This development follows earlier investor criticism concerning the enlargement of the option pool from 46 million shares up to 319.5 million. Metaplanet indicated that it locked the pool at 319.5 million shares on August 18, though segments of the shareholder base urged the firm to fully revoke the 273 million extra potential shares generated by that expansion.

In a Friday X post, Matthew Sigel, who serves as VanEck’s head of digital asset research, characterized the modification as a “meaningful concession” that creates stronger alignment between executive leadership and shareholders.

Back on August 31, Metaplanet disclosed that Gerovich exercised rights to claim 92,000 shares from the Series 10 pool. Gerovich noted that he excused himself from the board’s discussions and subsequent vote regarding this adjustment since he is a holder of Series 10 rights.

On August 18, the corporation admitted that widening the pool “amplifies the dilution borne by existing shareholders.”

Metaplanet plans Hong Kong asset management subsidiary

Furthermore, Metaplanet revealed on Friday its intention to launch Metaplanet Asset Management Asia Limited within Hong Kong later in September, backed by an initial capitalization of $1 million.

The newly formed subsidiary will engage in trading activities involving Bitcoin, traditional equities, and credit instruments during standard Asian trading hours.

This fresh entity constitutes a core piece of Metaplanet’s “Project Nova” initiative, which strives to construct a Bitcoin-centric infrastructure encompassing asset management, brokerage operations, capital markets, and alternative financial provisions.

During June, Metaplanet agreed to take over Siiibo Securities via a 2.1 billion yen ($13.1 million) transaction to establish its own securities division.