Bitcoin Treasury Firm Metaplanet Cuts Executive Option Pool by 41% and Scraps Employee Warrant Plan After Shareholder Pushback

Metaplanet (TYO: 3350) has reversed a large part of its executive equity package after investors objected to how much dilution the awards could create. The Tokyo-listed bitcoin treasury company said its board approved another rewrite of the Series 10 stock acquisition rights, shrinking the pool of shares those rights can produce and dropping an earlier plan to recycle leftover warrants into a staff incentive scheme.

The awards were originally structured so the number of underlying shares could grow with the company’s fully diluted share count.

That formula made sense when Metaplanet was a smaller, struggling business. After it adopted a bitcoin-treasury strategy and repeatedly sold stock to buy the asset, the same formula turned a modest grant into a much larger claim.

By mid-2026 the potential share total had climbed to about 319.5 million.

Management froze further automatic growth in August, but many holders still wanted a rollback of the expansion that had already occurred.

The new terms cut the conversion ratio from 696 shares per right to 410, roughly the level that applied before a September 2025 international offering.

That reduces the overall pool by about 41 percent, to roughly 188.2 million potential shares.