Metaplanet CEO surrenders $220 million in stock rights to rebuild trust with investors

Metaplanet is cutting executive rewards after concluding that later Bitcoin purchases created less value per share.

On Sept. 11, the Tokyo-listed Bitcoin treasury company announced it has reset its Series 10 stock acquisition rights, eliminating more than $220 million in warrant value. This also removes compensation generated by share issuance after September 2025, when its capital raises began producing sharply weaker gains in Bitcoin per diluted share.

The move will cancel 131.3 million potential shares, or 41.1% of the Series 10 pool, and reduce the remaining unexercised shares by 55.5% to about 105.4 million.

More significantly, Metaplanet has drawn a line between expanding its Bitcoin holdings and creating enough per-share value to justify additional management compensation.

Metaplanet draws a line at its September 2025 financing

The reset dates back to when Metaplanet says the economics of its capital raising began to change.

The company’s board reviewed previous equity financings based on the premium to Bitcoin net asset value at which shares were sold, the BTC Yield generated, and the resulting shareholder value. Financings through mid-2025 were completed at multiples of Bitcoin NAV and produced substantial increases in Bitcoin per fully diluted share.