Metaplanet Slashes Share Dilution Risk with Warrant Overhaul

Metaplanet has made significant changes to its warrant structure in an effort to limit share dilution as it expands into new areas.

The company cancelled 41% of shares linked to its Series 10 warrants, removing more than $220 million in potential warrant value.

The conversion ratio for the warrants has been reduced from 1:696 to 1:410, increasing Bitcoin held per fully diluted share by approximately 8.8%.

Unvested warrants will now vest in three groups in 2029, 2030, and 2031, while a five-year lock-up remains in place.