Metaplanet said it will further revise its Series 10 stock acquisition rights and set up a Hong Kong subsidiary with $1 million in initial capital to trade Bitcoin, equities and credit products.
In a Friday post on X, Metaplanet CEO Simon Gerovich said the Japanese Bitcoin treasury company will cut 131.3 million potential shares tied to the rights, lowering the total from 319.464 million to 188.19 million. The company is doing that by resetting the conversion ratio from 1:696 to 1:410, which was the level in place before its September 2025 international share offering.
Shares that were already delivered through earlier exercises will not be returned or canceled. The reduction only affects the amount still available through future exercises.
Gerovich said the revision will extinguish more than $220 million in warrant value and increase the company’s Bitcoin per fully diluted share by about 8.8%.
Series 10 terms revised after dilution complaints
Metaplanet also said it will withdraw plans to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle. The company said it will develop a new compensation program with a leading global compensation consultant.
Under the revised terms, all unvested rights will be subject to added exercise restrictions. One-third will become exercisable in each of 2029, 2030 and 2031.
The move comes after shareholders criticized the expansion of the option pool from 46 million shares to 319.5 million. Metaplanet said it fixed the pool at 319.5 million shares on Aug. 18, but some shareholders called for the cancellation of the 273 million additional potential shares created by that expansion.
Also on Friday, VanEck head of digital asset research Matthew Sigel wrote on X that the adjustment was a 「meaningful concession」 and said it better aligns management with shareholders.
On Aug. 31, Metaplanet disclosed that Gerovich had exercised rights to acquire 92,000 shares under the Series 10 pool. Gerovich said he recused himself from the board’s deliberations and vote on the adjustment because he is a Series 10 holder.
On Aug. 18, the company had already acknowledged that expanding the pool 「amplifies the dilution borne by existing shareholders.」
Cointelegraph also referenced a related disclosure saying Metaplanet bought 2,823 BTC, taking its Bitcoin holdings above 43,000 BTC.
Hong Kong asset management subsidiary planned
Metaplanet said Friday that it plans to establish Metaplanet Asset Management Asia Limited in Hong Kong later in September with $1 million in initial capital.
The subsidiary will trade Bitcoin, equities and credit products during Asian market hours.
The new entity is part of Project Nova, which Metaplanet said is meant to build a Bitcoin-centered platform spanning asset management, securities, capital markets and other financial services.
In June, the company agreed to acquire Siiibo Securities in a 2.1 billion yen deal, valued at $13.1 million, to create a securities arm.
Share price reaction
According to Yahoo Finance, Metaplanet shares fell 3.8% on Friday, bringing their decline over the past five days to 15%.