Metaplanet, a Tokyo-listed Bitcoin treasury company, recently made a significant decision to cut executive rewards due to diminishing value per share from later Bitcoin purchases. This move was announced on Sept. 11, with the company resetting its Series 10 stock acquisition rights, resulting in the elimination of over $220 million in warrant value. The decision also eliminates compensation generated by share issuance post-September 2025, as the capital raises were producing weaker gains in Bitcoin per diluted share.
This adjustment will cancel 131.3 million potential shares, which accounts for 41.1% of the Series 10 pool, and reduce the remaining unexercised shares by 55.5% to approximately 105.4 million. The key factor driving this change is the company’s focus on balancing its Bitcoin holdings with creating enough value per share to justify additional management compensation.
The company’s board reviewed previous equity financings to assess the premium to Bitcoin net asset value at which shares were sold, the BTC Yield generated, and the resulting shareholder value. It was observed that financings post-September 2025, especially the international offering and subsequent capital raises, were completed at more modest premiums to NAV, resulting in slower increases in Bitcoin per fully diluted share compared to earlier rounds.
Metaplanet CEO, Simon Gerovich, highlighted that the September 2025 offering marked a turning point where capital raises became less accretive, with the Series 10 structure providing disproportionate value to holders relative to existing shareholders. The declining BTC Yield over subsequent quarters further emphasized the need for a reset in the compensation structure.
By canceling 131.3 million potential shares, Metaplanet has effectively increased Bitcoin exposure per fully diluted share by approximately 8.8%, without acquiring additional Bitcoin. This decision to surrender a portion of management’s future equity upside aims to enhance existing investors’ Bitcoin-per-share position.
Looking ahead, the company plans to work with global compensation consultants to design a new incentive program for employees and future hires. This new compensation framework will need to align with the company’s evolving treasury strategy and international expansion efforts, including the pending acquisition of a controlling stake in Nasdaq-listed Super League Enterprise.
Overall, Metaplanet’s revised compensation structure reflects a strategic shift towards rewarding management based on the quality of future capital raises and the overall growth of the company’s Bitcoin holdings. This move signifies a commitment to aligning executive rewards with shareholder value and ensuring sustainable growth in the company’s Bitcoin stack.