1d ago
Metaplanet trims Series 10 warrant share pool by 41% in bid to lift Bitcoin per share
Metaplanet Inc. (TSE: 3350), a Tokyo-listed Bitcoin treasury company, said on 11 September 2026 that its board has approved a sharp reduction in the potential dilution from its 10th Series Stock Acquisition Rights, cutting the maximum underlying share pool by 41.1% to 188,190,000 shares from 319,464,000. The company said the decision followed feedback from shareholders and capital market participants. Chief executive Simon Gerovich signed the notice on the company's behalf.
Under the revised terms, the number of shares underlying each stock acquisition right will fall to 410 from 696, reducing the overall pool by 131,274,000 shares. After accounting for rights already exercised, remaining potential shares drop 55.5%, to 105,366,000 from 236,640,000.
Metaplanet also added new exercise restrictions for unvested rights: three equal tranches become exercisable on 18 August 2029, 2030 and 2031. In addition, the company scrapped its plan to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle, saying it will develop a new compensation framework with a global consultant.
Key economic terms remain intact, including the lockup through 17 August 2031 and the JPY 10 exercise price. If all remaining rights are exercised, Metaplanet estimates proceeds of about JPY 1.05 billion.
The board said it also revisited the reference date used to calculate the number of shares underlying the rights, switching it to 1 September 2025 from 30 June 2026. Metaplanet said the change better matches the period when its equity financings were completed at the highest premiums to net asset value, noting that later deals, including the September 2025 international placement, were done at more modest premiums. The company has faced scrutiny as its floating option pool increased alongside its share count while it raised equity to accumulate Bitcoin.
Metaplanet said the reduction in fully diluted shares improves fully diluted Bitcoin per share. The company holds 43,000 BTC and reported about 0.0286646 BTC per effective diluted share, up from 0.0263554 as of 30 June, with current-quarter BTC Yield at 8.8%.
The filing also shows one director holds 276,000 units, equal to 113,160,000 underlying shares after the cut, with 49,128,000 still exercisable. Metaplanet said it expects the amendment to have an immaterial impact on results for the current year as it continues expanding its treasury strategy.