Metaplanet cuts stock dilution by 41% and launches Hong Kong subsidiary

Metaplanet, a Tokyo-listed Bitcoin treasury company, has announced significant restructuring of its Series 10 stock acquisition rights following shareholder concerns regarding dilution. The company will reduce the number of potential shares from 319.46 million to 188.19 million, a 41.1% reduction, by resetting the conversion ratio from 1:696 to 1:410. CEO Simon Gerovich stated that this move eliminates over $220 million in warrant value and is intended to align management incentives with shareholder interests.

The adjustment follows a review of previous equity financings. The company noted that while early 2025 capital raises significantly increased Bitcoin per fully diluted share, subsequent offerings in late 2025 were less accretive. The new terms include stricter exercise restrictions, with unvested rights becoming exercisable in stages between 2029 and 2031. This reduction is expected to improve Bitcoin per fully diluted share by approximately 8.8%.

In a separate strategic move, Metaplanet is expanding its international presence by establishing a wholly-owned subsidiary in Hong Kong, Metaplanet Asset Management Asia Limited. With an initial capitalization of $1 million, the subsidiary will focus on Bitcoin-backed asset management, including trading Bitcoin, related equities, and credit products. This expansion is part of ‘Project Nova,’ aimed at evolving the company into a comprehensive Bitcoin-centered financial platform, complementing its existing operations in Miami.