Metaplanet announced on September 11 that it has reset its Series 10 stock acquisition rights, eliminating more than $220 million in warrant value. The move cancels 131.3 million potential shares, representing 41.1% of the Series 10 pool, and reduces remaining unexercised shares by 55.5% to approximately 105.4 million.
The compensation adjustment reflects a shift in the company's capital raise economics. Metaplanet's board reviewed its equity financings based on the premium to Bitcoin net asset value at which shares were sold, the resulting Bitcoin Yield, and shareholder value creation. Financings completed through mid-2025 generated substantial increases in Bitcoin per fully diluted share. However, the company's September 2025 international offering and subsequent capital raises were completed at more modest premiums to net asset value, producing slower growth in Bitcoin per share.
CEO Simon Gerovich stated that the September offering marked the point when capital raises became "less accretive" and the Series 10 structure began providing holders disproportionate value relative to existing shareholders. Metaplanet's Bitcoin Yield declined significantly, reaching 129.4% in the second quarter of 2025 but falling to 2.8% by the first quarter of 2026.
The board initially addressed the issue in August by eliminating the automatic adjustment mechanism and fixing the Series 10 pool at 319.5 million potential shares. Continued investor criticism prompted a more substantial revision, with the board now using September 1, 2025 as the reference date and resetting the conversion ratio to 410 shares per Series 10 right from 696.
Matthew Sigel, VanEck's head of digital assets research, characterized the revision as a "meaningful concession" that better aligns management with shareholders. The revision will see the company's CEO forfeit $123 million of Series 10 compensation.
The compensation reset improves Bitcoin exposure for each diluted share without requiring additional Bitcoin purchases. Although Metaplanet holds 43,000 BTC, canceling 131.3 million potential shares raises Bitcoin per fully diluted share by approximately 8.8%, with the improvement achieved through share count reduction rather than asset acquisition.
The board abandoned a proposal to transfer up to 90,000 Series 10 rights into an employee incentive pool. Instead, those rights will be canceled as part of the 41% reduction. Unvested remaining Series 10 rights will become exercisable in three equal portions in 2029, 2030, and 2031, with shares received through exercise remaining subject to existing five-year lock-up restrictions.
Metaplanet indicated it will work with a leading global compensation consultant to develop a new incentive program for employees and future hires. The company is expanding internationally through its pending acquisition of a controlling stake in Nasdaq-listed Super League Enterprise and the establishment of Metaplanet Asset Management Asia Limited in Hong Kong, increasing the need for a scalable compensation framework.
