Metaplanet directors have responded to shareholder criticism by reducing the potential share pool for executive compensation by 41% to 188.2 million shares, eliminating over $220 million in potential warrant value. The company ended automatic equity adjustments effective September 1, 2025, and implemented staggered exercise restrictions extending through 2031, with previously exercised shares now locked until August 2031. These modifications improved fully diluted Bitcoin per share by approximately 8.8%, while exercised and unexercised rights currently represent about 12.5% of total shares outstanding. CEO Simon Gerovich, the sole director holding compensation rights, recused himself from the review process but retains 64 million shares obtained through exercises completed before the September 11 reset. The board did not address ongoing investor concerns regarding these pre-reset exercises or Gerovich’s personal economic interest in shareholder MMXX Ventures. Metaplanet maintains that all prior exercises were valid under terms then in force and will not be reversed. Shares closed 2% higher at 286 yen following the announcement.