Metaplanet Cuts Executive Equity Package by 41% Amid Investor Pushback

Metaplanet, a Tokyo-listed bitcoin treasury firm, has made significant changes to its executive equity package after facing pushback from investors. The company's board approved a revised version of the Series 10 stock acquisition rights, reducing the pool of shares by about 41% and canceling a plan to recycle leftover warrants into a staff incentive scheme.

The original formula for the awards was designed when Metaplanet was smaller and struggling, but after it adopted a bitcoin-treasury strategy and repeatedly sold stock to buy the asset, the same formula turned a modest grant into a much larger claim. By mid-2026, the potential share total had climbed to about 319.5 million.

Chief executive Simon Gerovich said that the revision 'extinguishes more than $220 million of warrant value and lifts bitcoin per fully diluted share by about 8.8 percent without the company buying additional coins.'

The concession does not unwind every earlier gain, however, as some investors had pressed for a deeper cut. Gerovich previously exercised a portion of his rights in late August and received tens of millions of shares, which remain outstanding under the lock-up.