Metaplanet Cancels 41% of Series 10 Warrants Shares

Metaplanet CEO Simon Gerovich issued a letter to shareholders announcing that the company's board has decided to cancel 41% of the shares related to the Series 10 stock purchase warrants and reset the conversion ratio to the level prior to the international issuance in September 2025. Under the new arrangement, the conversion ratio of the warrants to shares is reset from 1:696 to 1:410. This move will eliminate over $220 million in warrant value, reduce the number of potential shares by 41%, lower the fully diluted equity, and increase the fully diluted Bitcoin holdings per share by approximately 8.8%. All unvested warrants will be subject to longer exercise restrictions, with one-third becoming exercisable in 2029, 2030, and 2031, while the five-year lock-up period remains unchanged. Additionally, the company will cancel the originally planned allocation of 20% of warrants to the employee incentive pool and will work with global compensation consultants to design a new compensation incentive plan.

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