Metaplanet will reduce the potential share issuance under its Series 10 stock acquisition rights by 41%, from about 319.5 million shares to 188.2 million, following shareholder criticism over dilution. The rights allow executives and other holders to buy shares for 10 yen each and were introduced in early 2023, before Metaplanet became a Bitcoin treasury company. The variable pool expanded as the company issued stock to fund Bitcoin purchases. CEO Simon Gerovich said the revision eliminates more than $220 million in warrant value and increases Bitcoin held per diluted share by about 8.8%. The conversion ratio will fall from 696 shares per right to 410, roughly its level around the same time last year before an international share offering. Metaplanet said later capital raises generated less Bitcoin value per share and gave Series 10 holders disproportionate value relative to existing shareholders. Exercise availability will be spread across 2029, 2030 and 2031, while shares issued through the program cannot be sold until August 2031. The company also abandoned plans to move some existing rights into an employee incentive pool, saying those rights will be canceled and replaced with a separate compensation program. The changes follow a roughly 17% two-session decline earlier this week; Metaplanet shares are down more than 38% year-to-date, compared with declines of about 10% for Bitcoin and 13% for Strategy.