Metaplanet amended its Series 10 stock acquisition rights in a September 11, 2026 filing to the Tokyo Stock Exchange (TSE), cancelling 131.3 million potential shares and reducing the remaining unexercised pool by 55.5%. The change extinguished more than $220 million in warrant value without the company buying additional Bitcoin. The rights pool had expanded from about 46 million potential shares, created when Metaplanet was a near-bankrupt hotel operator, to 319.46 million after successive capital raises and conversion-ratio adjustments. Metaplanet said the restructuring would increase Bitcoin per fully diluted share by approximately 8.8%. CEO Simon Gerovich reduced the conversion ratio from 696 shares per right to 410, cutting the aggregate pool to 188.19 million potential shares and the remaining unexercised amount to 105.37 million. The company also withdrew a planned transfer of rights into a long-term incentive vehicle and said any future plan would be redesigned with an outside compensation consultant. Gerovich recused himself from the board vote because he was the only director holding Series 10 rights, and all current holders consented. The decision followed shareholder criticism after Gerovich exercised 92,000 rights on August 28, receiving roughly 64.03 million shares at ¥10 per share. VanEck's Matthew Sigel called the amendment a meaningful concession, while noting that unvested rights will vest in equal thirds on August 18, 2029, 2030, and 2031. The shares issued to Gerovich were not reversed, and his remaining entitlement was estimated by Sigel and CoinDesk at about 49.1 million shares under the revised ratio. Metaplanet's shareholder-approved capital plan remains $884 million, and the company has not stopped accumulating Bitcoin or raising capital. Its stock closed around ¥249 on September 11, down roughly 3.9%, indicating that the market had recognized the concession but had not determined whether it was sufficient.