Metaplanet CEO surrenders $220 million in stock rights to rebuild trust with investors
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Metaplanet is cutting executive rewards after concluding that later Bitcoin purchases created less value per share.
Key facts
- Metaplanet’s BTC Yield reached 129.4% in the second quarter of 2025 as Bitcoin holdings jumped to 13,350 BTC from 4,046 BTC
- 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
- Gerovich said that the company still holds 43,000 BTC, but canceling 131.3 million potential shares raises Bitcoin per fully diluted share by about 8.8%
- 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
Summary
01 Metaplanet canceled 131.3 million Series 10 potential shares, eliminating over $220 million in warrant value after weaker Bitcoin-per-share gains. 02 The reset lifts Bitcoin per fully diluted share by about 8.8% without buying more Bitcoin, by shrinking the potential share denominator. 03 Metaplanet must now design a compensation plan that rewards growth without repeating dilution as its treasury strategy and operations expand. 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.