Metaplanet reduced the potential shares underlying its Series 10 stock acquisition rights from about 319.46 million to 188.19 million, a 41.1% decrease, after shareholder criticism of potential dilution. The company stopped the automatic adjustment mechanism that expanded the pool as it issued equity, leaving roughly 105.37 million potential shares after earlier exercises and preventing future share issuance from increasing the Series 10 pool. Metaplanet said the revisions removed more than $220 million in potential warrant value and increased Bitcoin per fully diluted share by about 8.8%. Independent directors said the rights were purchased at fair value with management's personal funds when Metaplanet was a financially pressured hotel operator, framing them as founder-style ownership tied to a high-risk turnaround rather than conventional executive compensation. CEO Simon Gerovich recused himself from the directors' review because he holds the rights, but retains 64.032 million shares received through an Aug. 28 exercise before the Sept. 11 reset. Gerovich said VanEck removed a warrants section from a recent report because it did not meet the firm's research standards, while a VanEck screen still rated Metaplanet the only "Bad" company among the 10 largest digital-asset treasuries on executive-pay measures. Metaplanet reported 43,000 BTC in holdings and said it is working with an international compensation adviser on a new performance-linked executive incentive plan.