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BTC Japanese-listed Bitcoin company Metaplanet adjusts stock options pool
Tokyo-based Bitcoin holding company Metaplanet Inc. (TSE: 3350) announced on September 11, 2026 that the board of directors has decided to reduce its potential share pool under its tenth series share options by 41.1%, from 319,464,000 shares to 188,190,000 shares. This adjustment is designed to respond to feedback from shareholders and capital market participants. CEO Simon Gerovich signed the announcement on behalf of the company.
Details of Board Resolution
This amendment reduces the number of underlying shares corresponding to each share option from 696 shares to 410 shares, reducing the total potential share pool by 131,274,000 shares. After deducting the exercised portion, the number of remaining potential shares fell 55.5% from 236,640,000 shares to 105,366,000 shares. Unvested rights are now subject to new exercise restrictions, and one-third of the rights will be exercisable in batches on August 18, 2029, 2030 and 2031 respectively. In addition, the company scrapped its previous plan to transfer up to 90,000 rights to long-term executives and employee incentive tools and instead hired global consultants to design a new compensation plan. The lock-up period will remain unchanged until August 17, 2031, and the exercise price will be 10 yen; if all remaining rights are fully exercised, the company will receive approximately 1.05 billion yen in revenue.
Why Metaplanet changed strategy
The board of directors stated that it had reconsidered the benchmark date for calculating the number of shares corresponding to options and adjusted it from June 30, 2026 to September 1, 2025. Metaplanet believes this adjustment allows options to better match the period during which they execute equity financing at the highest premium relative to net asset value, while subsequent financing, including the September 2025 international placement, is completed at a more modest premium. As the company adopts the strategy of accumulating bitcoin through additional stock issues, its floating options pool expands with the increase in equity, a move that has attracted market attention.
Increase in bitcoin holdings per share
As the total fully diluted share capital decreased accordingly due to reduced rights, Metaplanet pointed out that its fully diluted bitcoin holdings per share improved accordingly. The company currently holds 43,000 BTC, with an effective diluted holding per share of approximately 0.0286646 BTC, up from 0.0263554 BTC as of June 30, and the Bitcoin yield reached 8.8% for the quarter. Disclosure documents show that one director holds 276,000 units of interest, which corresponds to 113,160,000 underlying shares after adjustment, of which 49,128,000 shares are still exercisable. As Metaplanet expands its balance sheet strategy, this revision is expected to have minimal impact on current year's results.
