Metaplanet Slashes Executive Options Amid Shareholder Backlash
Metaplanet, Japan's top Bitcoin treasury company, has rewritten its compensation structure in response to shareholder backlash. On September 11, 2026, the Tokyo-listed company filed a timely disclosure with the Tokyo Stock Exchange (TSE) announcing a sweeping amendment to its Series 10 stock acquisition rights.
The move cancels 131.3 million potential shares and slashes the remaining unexercised pool by 55.5%, reducing more than $220 million in warrant value without buying any additional Bitcoin.
Metaplanet's CEO, Simon Gerovich, described the restructuring as accretion that would increase Bitcoin per fully diluted share by approximately 8.8%.
The company has been building its Asia's Largest Public Bitcoin Holder status through repeated equity and warrant raises. Shareholders had called for a rollback of the enlarged pool, which had grown to 319.46 million potential shares from an original 46 million. The revised capital allocation policy now limits future management dilution.
Gerovich recused himself from the board vote due to his own holding in Series 10 rights. All current holders consented to the change.