Metaplanet Slashes Series 10 Stock Pool Ahead of Hong Kong Expansion

Japanese Bitcoin treasury firm Metaplanet has reduced its Series 10 stock pool by 41% ahead of its move to Hong Kong. The company made this change after facing shareholder pushback over dilution from an expanded option pool.

The adjustment was made in response to concerns that the expansion would amplify dilution borne by existing shareholders, particularly with the additional 273 million potential shares created. Metaplanet's CEO Simon Gerovich stated that the new conversion ratio will be 1:410 instead of 1:696, reducing the share count from 319.464 million to 188.19 million.

This change is expected to extinguish more than $220 million in warrant value and increase Bitcoin per fully diluted share by about 8.8%. The adjustment will only affect future exercises of the rights and not alter shares already delivered through earlier exercises.