Metaplanet has cut potential shares under its Series 10 stock acquisition rights by 41.1%, reducing the total from 319.464 million to 188.190 million after shareholder criticism of dilution, insider exercises and governance. The board amended the rights on September 11, lowering the conversion ratio to 410 shares per right from 696 while leaving the ¥10 exercise price unchanged. Net of prior exercises, remaining potential shares fall 55.5% to about 105.37 million, while 82.824 million shares already issued to two holders remain outstanding and will not be returned or cancelled. The change reduces effective diluted shares to roughly 1.50 billion from 1.63 billion at the end of June and lifts Bitcoin per effective diluted share by about 8.8%, based on unchanged holdings of 43,000 BTC. Simon Gerovich said the amendment extinguishes more than $220 million of warrant value, withdrew a proposed transfer of up to 90,000 rights to an employee incentive vehicle, and said a new compensation plan will be developed with a global compensation consultant. Matthew Sigel, VanEck's head of digital assets research, described the revision as a meaningful concession and said it would cause the CEO to forfeit $123 million in disputed Series 10 compensation. Metaplanet said its BTC Yield declined from 129.4% in the second quarter of 2025 to 33% in the following quarter, 11.9% in the fourth quarter and 2.8% in the first quarter of 2026 as later financings generated less Bitcoin per diluted share. Metaplanet shares fell about 17% over two days earlier in the week and were down more than 38% for the year, a steeper decline than Bitcoin and Strategy over the same period. Metaplanet reached its 43,000-BTC holding after buying 2,823 BTC in the second quarter and is pursuing a pending investment in Super League Enterprise to create the U.S. Bitcoin treasury platform Superplanet.