Metaplanet cuts executive warrants by 41%, increases BTC per diluted share by 8.8%

Japan-listed Bitcoin accumulation company Metaplanet reduced the number of underlying shares tied to the 10th series of warrants held by management by about 41%. The company eliminated an adjustment mechanism that would have automatically increased warrant volumes for shares issued on and after Sept. 1, 2025. These changes decreased potential warrant value by over 220 million dollars and increased Bitcoin holdings per fully diluted share by approximately 8.8%. Shares already issued or that could be issued through the exercise of the 10th series of warrants represent about 12.5% of total shares currently outstanding, with the ratio expected to decline further if additional new shares are issued.