Metaplanet Slashes Share Dilution by 41% Amid Investor Pressure

Metaplanet has revised its Series 10 stock acquisition rights in response to shareholder concerns. The company reduced the potential shares tied to these rights by 41.1%, lowering the pool from 319.46 million to 188.19 million.

The adjustment also imposed new exercise restrictions on unvested rights, which will now become exercisable in three stages between 2029 and 2031. The existing lockup through August 2031 remains unchanged.

Metaplanet's CEO Simon Gerovich described the decision as a way to reset the ratio to 1:410, effectively extinguishing more than $220 million of warrant value. This change reduces the fully diluted share count and raises Bitcoin per fully diluted share by approximately 8.8%.