Metaplanet has decided to reduce the volume of shares associated with the rights to acquire Series 10 securities following criticism from shareholders. The company will decrease the number of potential shares from 319.464 million to 188.19 million, a reduction of 131.3 million, and will change the conversion ratio from 1:696 to 1:410. According to CEO Simon Gerovich, this move returns the figure to the level before the international share offering in September 2025. Already issued shares resulting from the exercise of rights will not be annulled – the adjustment only affects future exercises. Gerovich estimates that the decision will nullify the warrant value by more than $220 million and increase the amount of Bitcoin per fully diluted share by approximately 8.8%.
The company also abandoned plans to transfer up to 90,000 unvested rights under the long-term incentive program for executives and employees. Instead, Metaplanet intends to develop a new compensation system with an international compensation consultant. The remaining unvested rights will be further restricted by execution timelines: one-third can be realized in 2029, 2030, and 2031. The decision followed shareholder dissatisfaction with the expansion of the pool from 46 million to 319.5 million potential shares. On August 18, the company acknowledged that the increase in volume exacerbates the dilution of existing owners' stakes. VanEck's Head of Digital Asset Research, Matthew Sigel, called the new adjustment a significant concession to shareholders. Gerovich himself announced on August 31 the exercise of rights to 92,000 shares but emphasized that he did not participate in the board's discussion and voting on the change of terms, as he is a holder of Series 10 rights.
Simultaneously, Metaplanet announced the creation of a subsidiary, Metaplanet Asset Management Asia Limited, in Hong Kong. Its initial capital will be $1 million, and the launch is planned for the end of September. The new structure will engage in trading Bitcoin, stocks, and credit products during Asian market hours. The project is part of the Project Nova strategy, which envisions forming a platform around Bitcoin with directions in asset management, securities, capital markets, and other financial services. In June, Metaplanet agreed to acquire the brokerage company Siiibo Securities for 2.1 billion yen, or about $13.1 million. Amid the announcements, Metaplanet shares fell by 3.8% on September 11 and lost 15% over five trading days.