Metaplanet has revised its 10th series stock acquisition rights, according to a shareholder letter from CEO Simon Gerovich. The board decided to cancel 41% of the related shares and reset the conversion ratio to 1:410, returning it to the level in place before the company’s international offering in September 2025. The move also eliminates more than $220 million in warrant value.
With the warrants canceled, the company said its fully diluted share count will fall, lifting fully diluted Bitcoin holdings per share by about 8.8%. Under the revised terms, unvested warrants will become exercisable in stages across 2029, 2030, and 2031. Metaplanet also scrapped the transfer of warrants that had been set aside for a 20% employee incentive pool and canceled them as well.
The company said it will work with global compensation advisers to create a new incentive plan aimed at attracting new hires.
Metaplanet has revised its 10th series stock acquisition rights, CEO Simon Gerovich said in a letter to shareholders.
The board decided to cancel 41% of the related shares and reset the conversion ratio to 1:410, restoring the level that was in place before the company’s international offering in September 2025. The company is also canceling more than $220 million in warrant value.
Following the cancellation, Metaplanet said its fully diluted share count will decline, while fully diluted Bitcoin holdings per share will increase by about 8.8%.
Under the new terms, unvested warrants will become exercisable in stages in 2029, 2030, and 2031. Warrants originally allocated to a 20% employee incentive pool will no longer be transferred and will also be canceled.
The company said it will work with global compensation advisers to design a new incentive plan to attract new employees.
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