Japanese Bitcoin treasury company Metaplanet has cut the potential share pool under its Series 10 program by 131.3 million shares, a 41% reduction from the prior total. The move wipes out more than $220 million in warrant value and raises the company's Bitcoin-per-fully-diluted-share metric by roughly 8.8%.
The adjustment follows weeks of shareholder pushback over dilution. Metaplanet CEO Simon Gerovich announced the change to the Series 10 terms in a Friday post on X, alongside plans for a new Hong Kong subsidiary capitalized at $1 million.
Pool Shrinks to 188 Million Shares
Under the revised terms, the number of potential shares tied to Series 10 rights fell from 319.464 million to 188.19 million. The conversion ratio reverted from 1:696 to 1:410. That was the level in place before Metaplanet's international share offering in September 2025.
Shares already delivered through prior exercises will not be returned or canceled. The cut applies only to shares available through future exercises. Gerovich said the change immediately raises the amount of bitcoin backing each fully diluted share.
Why Shareholders Pushed Back
The Series 10 rights pool had grown from 46 million to 319.5 million shares, and that jump is what drew investor criticism. Metaplanet fixed the pool at 319.5 million on August 18, but some shareholders called for canceling the full 273 million additional shares created by the expansion.
On August 31, the company disclosed that Gerovich had exercised rights to acquire 92,000 shares under the Series 10 pool. He recused himself from the board's vote on the adjustment given his own status as a rights holder.
Hong Kong Unit and the Project Nova Plan
On the same day, Metaplanet announced Metaplanet Asset Management Asia Limited, a Hong Kong entity capitalized at $1 million. The unit will launch later in September and trade bitcoin, equities and credit products during Asian market hours.
The Hong Kong entity is part of the broader Project Nova strategy, which aims to build a bitcoin-centered financial platform spanning asset management and capital markets. In June, Metaplanet agreed to acquire Siiibo Securities for 2.1 billion yen ($13.1 million) to form its own brokerage arm.
What Changes for Rights Holders
Management withdrew a plan to transfer up to 90,000 rights into a long-term incentive vehicle for officers and staff. Instead, the company will design a new compensation program with an outside compensation consultant.
All unvested rights now carry added exercise restrictions. One-third becomes exercisable in 2029, another third in 2030 and the rest in 2031.
Market Reaction and Open Questions
Analysts read the move as a modest positive.
"A meaningful concession that better aligns management with shareholders."
- Matthew Sigel, head of digital assets research at VanEck, from a post on X on September 11, 2026
Still, the stock sold off on the news, and part of what shareholders asked for remains unresolved.
- Metaplanet shares fell 3.8% on Friday and lost 15% over five trading days, according to Yahoo Finance.
- Compensation plan: the new management pay structure has yet to be designed with the consultant.
- Gerovich recused himself from the board vote because he personally holds Series 10 rights.
- Hong Kong unit: won't launch until late September, so the first Project Nova results won't arrive before October.
Bottom Line
Metaplanet cut potential share issuance by 131.3 million and announced a Hong Kong expansion on the same day. The company is trying to balance growing bitcoin reserves against shareholder trust shaken by the pool's expansion to 319.5 million shares.
The next test will be the market's reaction to the new pay structure and the Hong Kong unit's first results this fall.
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