Metaplanet Slashes Executive Share Pool Amid Investor Backlash

Metaplanet has revised its executive share pool after facing criticism from investors. The Tokyo-listed Bitcoin treasury company reduced its Series 10 pool by 41.1% on September 11, removing approximately 131.27 million potential shares.

The adjustment was made in response to shareholder objections over the potential dilution of equity. The revised terms delay the exercise of unvested rights, which will now be exercisable in thirds during 2029, 2030, and 2031, with no change to the exercise price of 10 yen per share.

Metaplanet's management says that the adjustment increases Bitcoin per fully diluted share by approximately 8.8%, without changing the company's Bitcoin holdings. The value of the extinguished warrant entitlement is estimated at more than $220 million by CEO Simon Gerovich.

The amendment also withdraws a proposed employee incentive vehicle and reduces the overall pool from 319.46 million to 188.19 million potential shares, with each Series 10 right now corresponding to 410 shares, down from 696.