Metaplanet will cut the number of potential shares tied to its Series 10 stock acquisition rights by 41%, from roughly 319.5 million to 188.2 million, reversing an executive compensation structure that had drawn weeks of public anger from its own shareholders. CEO Simon Gerovich said the change erases more than $220 million of warrant value.

Each Series 10 right, which lets the holder buy shares at a discounted 10 yen each, had grown to convert into 696 shares as Metaplanet issued stock to buy bitcoin. The board reset it to 410, the level immediately before the company’s international share offering in September 2025, which Metaplanet identified as the point where capital raises stopped being strongly accretive. The remaining warrants become exercisable in thirds in 2029, 2030 and 2031, and shares received on exercise stay locked up until August 2031. A plan to move 20% of the warrants into a new employee incentive pool was scrapped, with those rights canceled as part of the 41%.

This story is an excerpt from the Unchained Daily newsletter.

For shareholders the payoff is bitcoin per fully diluted share rises about 8.8% without the company buying a single coin. The pool was sized as a percentage of fully diluted capital rather than as a fixed grant, so every raise that funded a bitcoin purchase enlarged the insiders’ claim while diluting everyone else. It had swollen from roughly 46 million shares to about 319 million.

The concessions stop short of what some investors wanted. Gerovich, who recused himself as a Series 10 holder, keeps the 64 million shares he received through an Aug. 28 exercise under the old terms plus the right to acquire another 49.1 million, and the announcement did not address his economic interest in MMXX Ventures. Matthew Sigel, VanEck’s head of digital assets research, calculated that Gerovich gives up roughly 79 million shares worth $123 million, and called the package a meaningful realignment of management and shareholder interests.

Metaplanet shares are down more than 43% this year against a roughly 15% fall in bitcoin and a 20% decline at Strategy, and the stock dropped about 17% over two sessions the week before the announcement, after Gerovich’s first response failed to satisfy investors. The company said it will design a replacement compensation program with an outside consultant.

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