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09/12/2026

Metaplanet Slashes Executive Reward Pool by 41%, Extinguishes $220M in Value

What happened: Tokyo-based Bitcoin treasury firm Metaplanet announced a 41% reduction in its Series 10 executive stock acquisition rights pool, cutting 131.

Metaplanet Slashes Executive Reward Pool by 41%, Extinguishes $220M in Value

What happened: Tokyo-based Bitcoin treasury firm Metaplanet announced a 41% reduction in its Series 10 executive stock acquisition rights pool, cutting 131.3 million shares and extinguishing over $220 million in potential warrant value. The conversion ratio was reset to pre-September 2025 levels, and the company scrapped its employee warrant plan. CEO Simon Gerovich retains rights to 49.1 million shares under the revised plan, while unvested rights will vest in tranches through 2031.

Why it matters: The move comes amid mounting shareholder pressure over dilution concerns and follows a period of aggressive capital-raising. By reducing the reward pool, Metaplanet increases its Bitcoin per fully diluted share by roughly 8.8%, aiming to restore investor confidence. However, questions remain regarding Gerovich's relationship with MMXX Ventures and the company's future governance structure, signaling ongoing scrutiny from stakeholders.

Source: CoinDesk