Metaplanet will amend its Series 10 stock acquisition rights by reducing the potential underlying shares from 319.464 million to 188.19 million, a cut of 131.3 million shares. This adjustment resets the conversion ratio from 1:696 to 1:410, aligning with levels prior to the September 2025 international share offering. The change extinguishes over $220 million in warrant value and increases Bitcoin per fully diluted share by approximately 8.8%. Shares already delivered through prior exercises remain unaffected, while unvested rights face new exercise restrictions spread across 2029, 2030, and 2031.
The decision follows significant shareholder backlash regarding the expansion of the option pool from 46 million to 319.5 million shares. Concurrently, Metaplanet plans to establish Metaplanet Asset Management Asia Limited in Hong Kong with $1 million in initial capital later in September. This subsidiary will trade Bitcoin, equities, and credit products during Asian market hours as part of "Project Nova," which aims to build a broader financial services platform. VanEck’s Matthew Sigel described the dilution adjustment as a meaningful concession to better align management with shareholders.
This development signals a strategic pivot toward prioritizing institutional credibility and shareholder alignment over aggressive equity-based compensation structures. By voluntarily reducing the dilutive impact of its Series 10 rights, Metaplanet addresses direct criticism regarding governance practices that had previously amplified dilution for existing investors. The move suggests an effort to stabilize investor sentiment following recent volatility, evidenced by the 15% five-day decline in share price leading up to the announcement.
From a Market Structure perspective, the simultaneous establishment of the Hong Kong subsidiary highlights Metaplanet’s intent to deepen its operational footprint in Asian crypto markets. Integrating asset management capabilities with securities trading under "Project Nova" indicates a shift from a pure treasury model to a diversified financial infrastructure provider. Stakeholders should monitor how this dual approach—tightening internal equity controls while expanding external regulatory-compliant operations—affects long-term valuation metrics and institutional adoption rates.
