Metaplanet Shrinks Series 10 Stock Pool, Launches Hong Kong Subsidiary

Metaplanet, Japan's publicly listed Bitcoin treasury company, has taken steps to ease shareholder concerns over potential dilution tied to its Series 10 stock acquisition rights. In an announcement made by CEO Simon Gerovich on Friday, the company said it will further amend the rights after criticism over potential dilution from an expanded option pool.

The company plans to reduce the number of shares that could be delivered through future exercises of the Series 10 rights by 131.3 million, bringing the potential share count down from 319.464 million to 188.19 million. The conversion ratio will be reset from 1:696 to 1:410, described as the level that existed prior to its September 2025 international share offering.

The adjustment eliminates more than $220 million in warrant value and raises Bitcoin-per-fully-diluted-share by about 8.8%, according to Gerovich. The company will also withdraw plans to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle and will develop a new compensation program with a leading global compensation consultant.

Meanwhile, Metaplanet is expanding its business footprint in Asia by establishing a new Hong Kong subsidiary, Metaplanet Asset Management Asia Limited, with $1 million in initial capital later in September. The subsidiary will conduct trading in Bitcoin, equities, and credit products during Asian market hours as part of 'Project Nova', a broader effort to build a Bitcoin-centered platform that spans asset management, securities, capital markets, and other financial services.