Metaplanet has cancelled 131 million shares tied to its executive reward pool, representing a 41.1% reduction after weeks of shareholder pressure. According to BeInCrypto, the Tokyo-listed Bitcoin treasury company also scrapped a planned executive incentive vehicle outright and pushed surviving warrants years further out before they can be cashed in. The board cut the number of shares each warrant converts from 696 down to 410, taking the pool from 319.46 million shares to 188.19 million. Chief Executive Simon Gerovich valued the destroyed claim at more than $220 million, with whatever remains unvested now unlocking in equal thirds across 2029, 2030 and 2031. As per the latest disclosure, the remaining potential shares will fall 55.5% from 236.64 million to 105.37 million after accounting for previously exercised rights.
Metaplanet CEO Simon Gerovich acknowledged on September 6 that the company had not adequately explained its Series 10 executive option plan or the structure connecting him to major shareholder MMXX Ventures. According to reports from crypto.news, Gerovich said the company has not done a good enough job of explaining this clearly and promised more communication about the company's decisions and long-term alignment. The CEO denied involvement in MMXX's investment or trading decisions, stating 'I have no involvement in its investment or trading decisions' and describing MMXX as separate from Metaplanet. Gerovich emphasized his commitment to transparency, stating 'I'm committed to transparency, and I'm committed to making sure that the company is transparent' and promised to 'make sure that the company is transparent' going forward. In his latest letter to shareholders, Gerovich said he recused himself from the board's deliberation and vote because he holds Series 10 rights, with all rights holders agreeing to the amendment before the board resolution.
Metaplanet fixed its Series 10 option pool at 319,464,000 potential shares after removing automatic adjustments on August 18, 2026. As reported by crypto.news, Gerovich exercised 92,000 rights on August 28, receiving 64,032,000 shares subject to a five-year transfer restriction. The exercise increased his direct ownership from 15,555,500 shares to 79,587,500 shares. The company will use its September 1, 2025 share count as the reference for the revised conversion ratio, replacing the June 30, 2026 reference used in the previous amendment. Two holders have already exercised 119,000 rights at the previous rate of 696 shares per unit and received 82.824 million shares, with those shares remaining subject to the existing lock-up through August 17, 2031. The exercise price stays at 10 yen per share.
The executive reward pool reduction addresses shareholder concerns about dilution, as the company's share count climbed from 153.9 million to about 1.35 billion in two years as it sold stock to build its Bitcoin treasury. According to BeInCrypto, the frozen insider share pool had swollen from 46 million shares to 319.5 million because it was pegged to a percentage of issuable stock rather than a fixed number. Metaplanet says the reduction lifts Bitcoin per fully diluted share by roughly 8.8%. The company's effective diluted shares outstanding stood at roughly 1.50 billion as of September 11, compared with 1.63 billion at the end of June. Bitcoin per effective diluted share stood at 0.0286646, while the company's quarter-to-date BTC Yield was 8.8%. The stock closed at 251 yen in Tokyo, up 2.87%, barely above the 244 yen it sank to when the pool was frozen last week.
Metaplanet has scrapped plans to transfer 20% of unexercised rights to an employee incentive pool, withdrawing the warrants previously earmarked for that pool. According to the latest disclosure, the company plans to design a separate compensation program for new hires with input from a global compensation consultant. The CEO said the warrants previously earmarked for the employee pool will not be transferred. Metaplanet currently has a 10-member board, nine of whom are independent, after five new directors were appointed across its 2025 and 2026 annual shareholder meetings. The company intends to strengthen board oversight, compensation practices and shareholder communication as its operations expand. Its international expansion includes a pending transaction involving Nasdaq-listed Super League Enterprise, with Metaplanet agreeing to invest 2,100 BTC and $2.5 million in the company to establish a U.S. Bitcoin treasury platform called Superplanet.
