Metaplanet Scales Back Series 10 Rights, Cuts Share Count

Metaplanet has revised its Series 10 stock acquisition rights, cutting them by 41% and reducing the potential share count from 319 million to 188 million. This change removes over $220 million in warrant value from the structure.

The Tokyo-listed Bitcoin treasury company reset the conversion ratio to 1:410 under revised terms, which it says reflects its shift from a smaller turnaround business into a global Bitcoin treasury company.

Metaplanet CEO Simon Gerovich said the original Series 10 structure suited an earlier stage of Metaplanet’s development, but now wants stronger oversight as its shareholder base and operations expand.