Metaplanet cuts Series 10 stock pool by 41%, plans Hong Kong subsidiary
Metaplanet is revising its Series 10 stock acquisition rights after shareholder backlash over dilution. It will cut the future share count tied to the rights by 131.3 million, lowering the potential total from 319.464 million to 188.19 million and resetting the conversion ratio from 1:696 to 1:410. The company says this removes more than $220 million in warrant value and raises Bitcoin per fully diluted share by about 8.8%. It will also drop plans to transfer up to 90,000 rights into an incentive vehicle and instead build a new compensation plan with a global consultant. Unvested rights will face tighter exercise limits, with vesting spread across 2029, 2030, and 2031. The move follows criticism that the option pool expansion from 46 million to 319.5 million shares was too dilutive. Metaplanet also plans to launch a Hong Kong subsidiary for Bitcoin, equities, and credit trading as part of “Project Nova.” Shares fell 3.8% on Friday.
