Metaplanet Cuts Series 10 Share Dilution by 41% Amid Shareholder Scrutiny

Metaplanet has adjusted its Series 10 stock acquisition rights to reduce dilution by 41.1% and new exercise restrictions through 2031.

The company's board approved an amendment that cuts the potential shares tied to Series 10 from 319.46 million to 188.19 million, with a new conversion ratio of 410 shares per right. The adjustment is part of a broader review of Metaplanet's compensation structure and governance practices following shareholder feedback.

Metaplanet CEO Simon Gerovich described the change as reducing the fully diluted share count and raising Bitcoin per fully diluted share by approximately 8.8%. He also mentioned that resetting the ratio to 1:410 extinguishes more than $220 million of warrant value.