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BTC Metaplanet resets its tenth series rights to 1:410
Metaplanet has cut its Series 10 stock acquisition options by 41%, reducing the number of potential shares from 319 million shares to 188 million shares. The Tokyo-based Bitcoin custodian also reset the conversion ratio to 1:410 under the revised terms.
This adjustment was unanimously agreed by tenth series holders and removed more than US$220 million in rights value from the tenth series structure. Metaplanet said the revised structure reflects the transformation of its business: from a small turnaround company to a global bitcoin custodian.
Dilution effect and incentive plan changes
Previously, the conversion ratio for the tenth series was 1:696 when fixed on August 18, 2026. The ratio will now return to the 1:410 level used before the international placement in September 2025. This adjustment reduced the number of shares corresponding to the warrants by 41%, also reduced the total number of fully diluted shares, and increased Bitcoin holdings per fully diluted share by approximately 8.8%.
The company attributed the reset to changes in financing strategy after the 2025 placement. Metaplanet pointed out that while capital raising still has a value-added effect, the marginal benefits have decreased after that.
In addition, the revised terms delay the exercise of unvested warrants. One-third of these will be available in 2029, the other one-third in 2030, and the last one-third in 2031.
Metaplanet cancels employee warrant allocation
Metaplanet also eliminated the 20% warrant allocation previously reserved for the new employee incentive pool. These warrants are part of the 41% announced for cancellations in the revised tenth series structure.
The company plans to design a separate compensation plan with the help of a global compensation consulting firm. Metaplanet said the new plan will focus on incentives for future recruiters.
Simon Gerovich, CEO of, said the original tenth series structure was suitable for the early stages of Metaplanet's development. As its shareholder base and business expand, the company now hopes to strengthen oversight.
Strengthening of governance structure
Metaplanet is strengthening its board of directors and internal controls. At the 2025 and 2026 annual shareholders 'meetings, a total of five new directors have joined, accounting for half of its ten-member board. The company said nine of its ten directors are independent directors. At the same time, the company's accounting, legal, compliance, operations and technology teams have also been expanded.
Metaplanet plans to provide more details on its capital structure and financing activities. As its international business expands, the company also plans to continue to communicate with shareholders in English and Japanese.
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