TLDR:
- Metaplanet cuts Series 10 rights 41%, reducing potential shares from 319 million to 188 million.
- The revised 1:410 ratio removes over $220 million in warrant value from the Series 10 structure.
- Metaplanet says Bitcoin per fully diluted share will rise approximately 8.8% under the changes.
- Unvested Series 10 warrants now face exercise restrictions running through 2029, 2030 and 2031.
Metaplanet has cut its Series 10 stock acquisition rights by 41%, reducing the potential share count from 319 million to 188 million. The Tokyo-listed Bitcoin treasury company also reset the conversion ratio to 1:410 under revised terms.
The changes received unanimous consent from Series 10 holders and remove more than $220 million in warrant value. Metaplanet says the revised structure reflects its shift from a smaller turnaround business into a global Bitcoin treasury company.
Metaplanet Series 10 Rights Reset to 1:410
The Series 10 conversion ratio previously stood at 1:696 after being fixed on August 18, 2026. Metaplanet will now return it to 1:410, the level used before its September 2025 international share offering.
The adjustment cuts the shares underlying the warrants by 41%. It also reduces the fully diluted share count and increases Bitcoin per fully diluted share by about 8.8%.
The company linked the reset to changes in its financing strategy after the 2025 offering. Metaplanet said capital raises remained accretive but became less so after that point.
The revised terms also delay exercise of unvested warrants. One-third becomes exercisable in 2029, another third in 2030, and the final third in 2031.
Metaplanet Cancels Employee Warrant Allocation
Metaplanet has also cancelled the 20% warrant allocation previously earmarked for a new employee incentive pool. Those warrants form part of the 41% cancellation announced under the revised Series 10 structure.
The company plans to design a separate compensation program with help from a global compensation consultant. Metaplanet said the new plan will focus on incentives for future hires.
CEO Simon Gerovich said the original Series 10 structure suited an earlier stage of Metaplanet’s development. The company now wants stronger oversight as its shareholder base and operations expand.
Metaplanet is also strengthening its board and internal controls. Five new directors joined across the March 2025 and 2026 annual shareholder meetings, representing half of its ten-member board.
The company said nine of its ten directors are independent. It has also expanded teams covering accounting, legal, compliance, operations, and technology.
Metaplanet plans to provide more detail around its capital structure and financing activities. It also intends to engage shareholders consistently in English and Japanese as its international operations expand.
