Metaplanet has cut the potential share pool attached to its Series 10 paid stock options by 41.1%, removing 131.274 million potential shares after shareholder concerns over dilution tied to the company’s bitcoin-treasury financing strategy.
The amendment, disclosed on September 11, 2026, reduces the pool from 319.464 million shares to 188.19 million. It also withdraws a separate proposed long-term incentive plan for officers and employees, according to Metaplanet’s disclosures.
The changes narrow the scope of a compensation structure that had become contentious as Metaplanet issued shares in support of its bitcoin-treasury strategy. They do not eliminate the Series 10 options altogether: the remaining unvested rights retain a ¥10 per-share exercise price and a multi-year vesting timetable.
Series 10 option pool falls from 319.464 million to 188.19 million shares
Metaplanet’s September 11 amendment reduces the potential Series 10 paid stock-option issuance from 319.464 million to 188.19 million shares, a 41.1% cut, and lowers the conversion ratio from 696 shares per right to 410.
The revised terms reduce both the overall prospective share issuance and the equity represented by each outstanding right. Metaplanet’s disclosure identifies this as an amendment to the Series 10 paid stock options; it is separate from the withdrawal of the proposed long-term incentive plan for officers and employees.
Metaplanet withdraws proposed officer and employee incentive plan
As part of the same September 11 action, Metaplanet withdrew its proposed long-term officer and employee incentive plan. The withdrawal means that proposal will not proceed in the form previously put forward.
The disclosure does not make the cancelled proposal interchangeable with the revised Series 10 rights. Instead, the company took two related steps: it cut the potential issuance attached to the existing Series 10 option pool and scrapped the separate proposed plan.
Together, those decisions mark a more substantial retreat than a reduction to one numerical allotment alone. The remaining Series 10 rights still create a potential future issuance, but the overall set of contemplated incentives is smaller following the amendment.
Dilution concerns grew alongside bitcoin-treasury share issuance
The earlier structure paired an expanding Series 10 pool with Metaplanet’s share issuance for its bitcoin-treasury strategy. That increased potential dilution for existing shareholders, The Block reported.
131.274 million shares have been removed from the potential pool, reducing it from 319.464 million to 188.19 million shares.
The revised terms nevertheless leave 188.19 million shares potentially associated with the Series 10 options. For shareholders, the meaningful comparison is the prior maximum and the revised figure; possible future issuance under the arrangement is reduced by more than two-fifths.
Remaining options keep ¥10 exercise price and vest through 2031
The amendment leaves the exercise price at ¥10 per share and sets the remaining unvested rights to become exercisable in three equal portions in 2029, 2030 and 2031, according to The Block.
Chief executive Simon Gerovich said the restructuring eliminates more than $220 million in warrant value and increases bitcoin held per diluted share by approximately 8.8%.
The proposed officer and employee incentive plan was withdrawn. The remaining structure therefore consists of the revised option pool, the ¥10 exercise price and the three-stage vesting schedule; the rights are not all exercisable at once.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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