Metaplanet CEO Surrenders $220 Million in Stock Rights to Rebuild Investor Trust

Tokyo‑listed Metaplanet, a Bitcoin treasury company, announced a major overhaul of its executive compensation structure on September 11. The board reset the Series 10 stock acquisition rights, cancelling 131.3 million potential shares—about 41 % of the original pool—and removing more than $220 million of warrant value.

Why the Reset?

The company concluded that Bitcoin purchases made after its September 2025 financing generated less Bitcoin per diluted share, reducing the accretive value for existing shareholders. Earlier financings had been completed at higher premiums to Bitcoin net asset value (NAV) and had significantly increased Bitcoin per fully diluted share. The later capital raises added Bitcoin at a slower rate, creating a mismatch between management’s potential equity upside and shareholder returns.

Key Changes to the Series 10 Structure

• Reference date shifted from June 30 2026 to September 1 2025.
• Conversion ratio adjusted to 410 shares per Series 10 right, down from 696.
• Unexercised shares reduced by 55.5 % to roughly 105.4 million.
• Remaining awards will vest in three equal portions in 2029, 2030 and 2031, with a five‑year lock‑up on exercised shares.

Impact on Bitcoin Per Share

By cancelling the 131.3 million potential shares, Bitcoin per fully diluted share is projected to rise by about 8.8 % without any additional Bitcoin purchases. Metaplanet currently holds roughly 43,000 BTC.

Executive Compensation Outlook

Analyst Matthew Sigel described the revision as a “meaningful concession,” noting that the CEO forfeits roughly $123 million of the controversial Series 10 compensation. The board also abandoned a proposal to transfer up to 90,000 Series 10 rights into a new employee incentive pool.

Metaplanet plans to work with a leading global compensation consultant to design a new incentive program that aligns management rewards with the quality of future capital raises and the company’s expanding international operations.