Metaplanet Cuts Stock Rights Pool by 41%, Boosts Bitcoin Per Share

Metaplanet Inc., a Tokyo-listed Bitcoin treasury firm, has made significant changes to its Series 10 Stock Acquisition Rights. The company's board of directors resolved to reduce the potential share pool by 41.1%, from 319,464,000 to 188,190,000 shares, in response to feedback from shareholders and capital market participants.

The reduction cuts the number of shares underlying each stock acquisition right from 696 to 410, lowering the total potential pool by 131,274,000 shares. After deducting the portion already exercised, the remaining potential shares fall by 55.5%, from 236,640,000 to 105,366,000.

The board also reconsidered the reference date used to calculate the shares underlying the rights, shifting it from June 30, 2026, to September 1, 2025. This change better aligns the options with the period when Metaplanet executed its equity financings at higher premiums to net asset value.

As a result of these changes, Metaplanet's fully diluted share count falls in line with the rights reduction, improving its fully diluted Bitcoin per share accordingly. The company holds 43,000 BTC and reported roughly 0.0286646 BTC per effective diluted share, up from 0.0263554 as of June 30.

The board said it expects the amendment's impact on current-year results to be immaterial. Chief Executive Simon Gerovich signed the notice on behalf of the company.