Following shareholder criticism, Metaplanet on Sept. 11 reduced the potential share pool by 41% to 188.2 million, which the company said extinguished over $220 million in potential warrant value. It ended automatic adjustments for equity issued after Sept. 1, 2025, and added staggered exercise restrictions running through 2031. Shares already received through exercises remain locked up until August 2031.
The changes improved fully diluted bitcoin per share by approximately 8.8%, the company said. Exercised and unexercised rights represent approximately 12.5% of total shares, according to directors.
CEO Simon Gerovich, the only director holding the rights, did not participate in the review’s deliberations or resolutions, the directors said.
However, the letter does not address the 64 million shares Gerovich received by exercising rights in August, before the Sept. 11 reset, or concerns about MMXX Ventures. MMXX Ventures is a Metaplanet shareholder whose share sales and Gerovich’s personal economic interest in the entity have also drawn investor questions. Metaplanet has previously said those shares will not be returned because exercises were valid under the terms in force at the time.
Metaplanet shares closed 2% higher on Wednesday at 286 yen.
Read More: Metaplanet CEO breaks silence but shareholders say the hard questions remain unanswered
