Metaplanet reduced the executive equity award pool under its 10th series stock acquisition rights plan by 41% to 188.2 million shares after shareholder objections. The pool had been adjusted in August to about 320 million shares. The plan was established in 2022 with an award pool equal to 20% of Metaplanet’s fully diluted share capital, rather than a fixed number of executive shares. Investors opposed the structure after the company shifted in 2024 to a strategy of selling shares to buy Bitcoin, arguing it diluted shareholders while increasing management benefits. CEO Simon Gerovich said the company “never intended to incentivize non-accretive or marginally accretive dilution” and that the revision “eliminated more than $220 million of warrant value.” The 64 million shares Gerovich acquired by exercising rights under the old terms on August 28 will not be returned, and he remains eligible to acquire another 49.128 million shares under the revised structure. Metaplanet also withdrew a prior plan to transfer warrants into an employee incentive vehicle.