Metaplanet Cuts Series 10 Stock Pool by 41%, Launches Hong Kong Subsidiary

Japanese Bitcoin treasury company Metaplanet will reduce its Series 10 stock acquisition rights pool by 41%, eliminating 131.3 million potential shares following sustained shareholder backlash over dilution concerns. CEO Simon Gerovich announced the move in a Friday X post, confirming the company will reset the conversion ratio from 1:696 back to 1:410, the level before its September 2025 international share offering. The change lowers the total potential share count from 319.464 million to 188.19 million, extinguishing more than $220 million in warrant value and boosting Bitcoin per fully diluted share by approximately 8.8%, according to Gerovich.

The reduction comes after Metaplanet fixed the pool at 319.5 million shares on Aug. 18, an expansion from 46 million shares that some shareholders publicly criticized as overly dilutive. VanEck's head of digital asset research, Matthew Sigel, called the adjustment a "meaningful concession" that better aligns management with shareholders. Metaplanet also withdrew plans to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle and will instead develop a new compensation program with a leading global compensation consultant. Unvested rights will now face additional exercise restrictions, with one-third becoming exercisable in each of 2029, 2030, and 2031. Shares already delivered through prior exercises will not be returned or canceled, and only future exercises will be affected by the new cap. On Aug. 31, the company 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.

In a separate Friday announcement, Metaplanet revealed plans to establish Metaplanet Asset Management Asia Limited in Hong Kong with $1 million in initial capital later this month. The new subsidiary will conduct trading in Bitcoin, equities, and credit products during Asian market hours, forming part of the company's "Project Nova" initiative to build a Bitcoin-centered platform. The expansion follows Metaplanet's continued Bitcoin accumulation, including its recent purchase of 2,823 BTC that pushed its total holdings above 43,000 coins.