Metaplanet Defends Warrant Plan After Dilution Concerns

Metaplanet’s independent directors have defended the company’s Series 10 warrant plan after shareholders raised concerns about share dilution, executive compensation and corporate governance. They said management accepted significant financial risk when the rights were created during the company’s 2023 restructuring. The plan received 78.3% shareholder support excluding former majority shareholder EVO, while total support exceeded 98%. Metaplanet later ended the automatic adjustment mechanism and reset the warrant conversion ratio. The changes reduced the potential share pool by 41.1%, from about 319.46 million to 188.19 million shares. Metaplanet said the restructuring removed more than $220 million in potential warrant value and improved Bitcoin per fully diluted share by about 8.8%. The remaining warrants will vest in stages from 2029 to 2031 and carry a five-year lock-up. CEO Simon Gerovich recused himself from the review because he holds the affected rights. However, the board did not cancel the 64.032 million shares he received after exercising warrants in August; those shares remain locked until August 2031. Metaplanet shares closed at 286 yen on 30 September, up 1.78% on the day but down about 29% in 2026. The company reports holdings of 43,000 BTC and is preparing a new performance-linked executive compensation plan. For traders, Metaplanet remains a Bitcoin treasury exposure with significant dilution and governance risks. These issues may affect the company’s valuation and investor sentiment, although the direct impact on Bitcoin is likely limited.