Tokyo-listed Bitcoin treasury firm Metaplanet Inc. (TSE: 3350) announced on 11 September 2026 that its board of directors resolved to reduce the potential share pool under its 10th Series Stock Acquisition Rights by 41.1%, from 319,464,000 to 188,190,000 shares, following a range of feedback from shareholders and capital market participants. Chief executive Simon Gerovich signed the notice on behalf of the company.
The Board’s Resolution
The amendment cuts the number of shares underlying each stock acquisition right from 696 to 410, lowering the total potential pool by 131,274,000 shares. After deducting the portion already exercised, the remaining potential shares fall by 55.5%, from 236,640,000 to 105,366,000. Unvested rights now carry a new exercise restriction, with three equal portions becoming exercisable on 18 August 2029, 2030 and 2031 respectively. The company also withdrew its plan to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle and will instead design a new compensation plan with a global consultant. The lock-up through 17 August 2031 and the JPY 10 exercise price remain unchanged, and if all remaining rights are exercised the company would receive roughly JPY 1.05 billion.
Why Metaplanet Changed Course
The board said it reconsidered the reference date used to calculate the shares underlying the rights, shifting it from 30 June 2026 to 1 September 2025. Metaplanet argued this better aligns the options with the period when its equity financings were executed at the highest premiums to net asset value, whereas later offerings including the September 2025 international placement were completed at more modest premiums. The company has drawn scrutiny as its floating option pool expanded alongside its share count while it pursued a strategy of raising equity to accumulate Bitcoin.
Bitcoin Per Share Improves
Because the fully diluted share count falls in line with the rights reduction, Metaplanet said its fully diluted Bitcoin per share improves accordingly. The company holds 43,000 BTC and reported roughly 0.0286646 BTC per effective diluted share, up from 0.0263554 as of 30 June, with the current-quarter BTC Yield at 8.8%. The disclosure shows one director holds 276,000 units, equal to 113,160,000 underlying shares after the cut, with 49,128,000 still exercisable. As Metaplanet expands its treasury strategy, it expects the amendment’s impact on current-year results to be immaterial.
