Metaplanet Cuts Executive Option Pool 41% After Shareholder Backlash Over Dilution

Metaplanet has cut the potential share pool attached to its Series 10 paid stock options by 41.1%, removing 131.274 million potential shares after shareholder concerns over dilution tied to the company’s bitcoin-treasury financing strategy.

The amendment, disclosed on September 11, 2026, reduces the pool from 319.464 million shares to 188.19 million. It also withdraws a separate proposed long-term incentive plan for officers and employees, according to Metaplanet’s disclosures.

The changes narrow the scope of a compensation structure that had become contentious as Metaplanet issued shares in support of its bitcoin-treasury strategy. They do not eliminate the Series 10 options altogether: the remaining unvested rights retain a ¥10 per-share exercise price and a multi-year vesting timetable.

Series 10 option pool falls from 319.464 million to 188.19 million shares

Metaplanet’s September 11 amendment reduces the potential Series 10 paid stock-option issuance from 319.464 million to 188.19 million shares, a 41.1% cut, and lowers the conversion ratio from 696 shares per right to 410.

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