Metaplanet, a Japan-listed company that acquires BTC, announced that it has reduced the number of underlying shares of the 10th series of warrants (stock acquisition rights) held by its executives by approximately 41%. Furthermore, it abolished the adjustment mechanism that automatically increased the number of warrants for new shares issued after September 1, 2025. According to the company, these changes reduced the potential warrant value by over $220 million, and the fully diluted BTC holdings per share increased by approximately 8.8%. Shares already issued or that may be issued in the future through the exercise of the 10th series of stock acquisition rights currently represent approximately 12.5% of the total shares, and this ratio will decrease further if additional new shares are issued in the future.
