Metaplanet Cuts Executive Option Pool by 41%, Withdraws Incentive Plan

Metaplanet, a company involved in bitcoin-treasury financing, has made significant changes to its executive option pool. The potential share pool attached to its Series 10 paid stock options has been reduced by 41.1%, removing 131.274 million potential shares. This adjustment was made on September 11, 2026, and is part of a broader effort to address shareholder concerns over dilution.

The revised terms reduce the overall prospective share issuance and the equity represented by each outstanding right. The Series 10 option pool has fallen from 319.464 million shares to 188.19 million shares, with the conversion ratio decreasing from 696 shares per right to 410. Metaplanet's CEO, Simon Gerovich, noted that this restructuring eliminates more than $220 million in warrant value and increases bitcoin held per diluted share by approximately 8.8%.

The company has also withdrawn its proposed long-term officer and employee incentive plan, which had been a point of contention among shareholders. The remaining Series 10 rights still create a potential future issuance, but the overall set of contemplated incentives is smaller following the amendment. The revised terms maintain the ¥10 exercise price and a three-year vesting schedule for unvested rights.