Metaplanet Cuts Executive Options After Shareholder Pushback Japan’s largest public Bitcoin treasury just reduced the size of management’s claim. According to the company’s September 11 notice, the board revised the Series 10 stock acquisition rights. The conversion ratio was reset and about 41% of the related potential shares were cancelled, wiping out more than $220 million of warrant value. CEO Simon Gerovich had already exercised rights that delivered about 64 million shares. Remaining unvested options now unlock in 2029, 2030, and 2031. Key Details: > CEO already took about 64 million shares from the Series 10 exercise. > Options cut: the pool was reduced, cancelling over $220 million of warrant value and about 41% of related shares. > Conversion reset to 410 shares per right, the pre-offering level. > Unvested remainder vests in tranches from 2029 through 2031. > A planned employee incentive pool attached to this structure was cancelled. The backlash was about dilution: the option formula had grown with every share issued to buy Bitcoin, swelling management’s claim. Cutting the pool raises Bitcoin per fully diluted share. It does not undo the shares already issued to the CEO. Governance is now part of the Metaplanet trade, not just the BTC stack. Metaplanet: 105M-Scale Option Cut, $220M Wiped, CEO’s 64M Shares Already Out #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?# $BTC $SOL