Metaplanet Announces Major Changes to Stock Structure
Metaplanet has announced significant changes to its stock structure and future operations. In a bid to address shareholder concerns regarding dilution, the company will slash 131.3 million from its potential share count, reducing the total from 319.464 million to 188.19 million. This adjustment involves resetting the conversion ratio for stock acquisition rights from 1:696 back to 1:410, the prior level before a scheduled international share offering in September 2025.
CEO’s Statement and Impact on Shareholders
Metaplanet’s CEO, Simon Gerovich, disclosed these plans in a recent post on X, highlighting that this reduction will not affect previously delivered shares, but will apply to future exercises. Consequently, the value of existing warrants will see a reduction of more than $220 million, and the company’s Bitcoin share metrics will improve by approximately 8.8%.
Response to Shareholder Concerns
In light of shareholder discontent over the broadening of its stock option pool from 46 million to over 319 million, Metaplanet has also decided to abandon its previous plan to allocate up to 90,000 rights for a long-term officer and employee incentive vehicle. Instead, they intend to collaborate with a global compensation consultant to develop a revised compensation program.
The new scheme will impose additional restrictions on the unvested rights, allowing one-third of these rights to be exercised in 2029, 2030, and 2031 respectively. This course of action follows multiple criticisms from investors who argued that the expansion of the stock pool excessively increases the dilution faced by existing shareholders.
Recently, Matthew Sigel, who leads digital asset research at VanEck, acknowledged the adjustments as a notable compromise that aligns the interests of management with those of the shareholders.
New Initiatives and Market Expansion
In another move, Metaplanet revealed plans to launch a Hong Kong-based subsidiary named Metaplanet Asset Management Asia Limited, with an initial investment of $1 million. Slated for launch later this month, this entity will facilitate trading in Bitcoin, equities, and credit products during Asian market hours. This initiative is a part of Metaplanet’s broader “Project Nova”, aimed at establishing a comprehensive platform centered around Bitcoin that includes asset management, securities, capital markets, and various financial services.
Earlier this June, the company also initiated plans to bolster its securities division by acquiring Siiibo Securities in a deal valued at 2.1 billion yen (approximately $13.1 million).
Market Performance
However, on the trading front, shares of Metaplanet experienced a setback, slipping by 3.8% on Friday, which contributed to a cumulative decline of 15% over the past week, as reported by Yahoo Finance.
