Community Trust ScoreVerified
Metaplanet just made two big moves in one week. The Tokyo-listed Bitcoin treasury company slashed its Series 10 stock pool by 41% and announced a new Hong Kong subsidiary with $1 million in starting capital — a clear signal it’s trying to calm angry shareholders while pushing deeper into Asia.
The share pool reduction is the headline number. CEO Simon Gerovich said the company is cutting 131.3 million potential shares, dropping the Series 10 pool from 319.464 million down to 188.19 million. The conversion ratio shifts from 1:696 to 1:410, basically reverting to where things stood before September 2025. The math matters here: the cut wipes out over $220 million in warrant value, but it also pushes the company’s Bitcoin per fully diluted share up by roughly 8.8%. For shareholders who’ve been screaming about dilution, that’s probably the number they care about most.
Shareholder Pressure Forces the Retreat
The backstory is messy. Metaplanet originally expanded the pool from 46 million shares to 319.5 million — a move that drew immediate backlash. Some shareholders pushed for cancellation of the entire 273 million additional shares. The company didn’t go that far, but the 131.3 million cut is a meaningful pullback. Gerovich himself holds Series 10 rights, so he recused himself from the vote. Smart move, given the optics.
Matthew Sigel, head of digital asset research at VanEck, called it a “meaningful concession” that brings management closer to shareholder interests. That’s about as close to a stamp of approval as you’ll get from an outside analyst on something this sensitive.
And it wasn’t just the share count. Metaplanet is also scrapping its plan to allocate up to 90,000 rights to a long-term incentive vehicle for officers and employees. Instead, they’re building a new compensation program with a leading global consultant — no further details on who that is. Unvested rights now come with tighter restrictions: one-third exercisable per year, from 2029 through 2031. That’s a long leash, and it’s clearly designed to tie executive interests to long-term performance rather than near-term dilution.
On August 31, Gerovich exercised rights to acquire 92,000 shares under the Series 10 pool. No explanation given for the timing.
Hong Kong Unit and Project Nova
The other big announcement is Metaplanet Asset Management Asia Limited, a new subsidiary launching in Hong Kong by the end of September. It starts with $1 million in capital — not a massive war chest, but enough to get operational. The unit will trade Bitcoin, equities, and credit products during Asian market hours. That’s a pretty specific mandate, and it fits neatly into what the company calls “Project Nova,” its broader push to build a Bitcoin-centered platform covering asset management and financial services.
The Hong Kong move makes sense geographically. Asian trading hours are a gap in Metaplanet’s current operational coverage, and having a local entity lets the company move faster on regional deals and relationships. Whether $1 million is enough to do anything meaningful in those markets is a fair question. Unclear for now.
Project Nova isn’t just about the Hong Kong unit. Metaplanet already agreed to acquire Siiibo Securities for 2.1 billion yen — that’s $13.1 million — to build out a securities arm. The Siiibo deal and the Hong Kong subsidiary are meant to work together, creating a more complete financial platform rather than a company that just holds Bitcoin on its balance sheet. That’s the vision, anyway.
Despite all the announcements, Metaplanet shares fell 3.8% on Friday. Over five days, the stock is down 15%. Markets aren’t exactly celebrating.
It’s worth noting that Bitcoin treasury companies have faced a complicated few months across the board. The strategy of accumulating Bitcoin on corporate balance sheets has attracted both serious institutional interest and sharp criticism from shareholders worried about governance and dilution. Metaplanet’s situation isn’t unique — but the scale of the Series 10 controversy, and the speed of the reversal, is notable.
The company is essentially running two parallel tracks: fixing its equity structure to keep existing shareholders from revolting, while simultaneously building out a financial services operation in Asia. Whether those two tracks stay aligned depends a lot on what happens to Bitcoin prices and how quickly the Hong Kong unit can generate actual revenue.
Gerovich exercised 92,000 shares on August 31. The Hong Kong entity launches by end of September.
Hub: Bitcoin price, news, and analysis
Frequently Asked Questions
How much did Metaplanet cut from its Series 10 stock pool?
Metaplanet cut 131.3 million potential shares, reducing the pool from 319.464 million to 188.19 million and eliminating over $220 million in warrant value.
What is Metaplanet Asset Management Asia Limited?
It’s a new Metaplanet subsidiary launching in Hong Kong by end of September with $1 million in capital, focused on trading Bitcoin, equities, and credit products during Asian market hours as part of Project Nova.
Why It Matters
This strategic move to reduce the share pool and establish a presence in Hong Kong underscores Metaplanet's attempt to regain investor confidence amid ongoing market volatility. By addressing shareholder concerns and expanding into the lucrative Asian market, the company positions itself to tap into new growth opportunities while navigating the complexities of regulatory environments in different regions. This dual approach could enhance its competitive edge in the evolving cryptocurrency landscape.
