Metaplanet cuts warrant program by 41% after dilution backlash
- —Warrant share count cut from 696 to 410, reducing dilution by 41.1%
- —Lost warrant value estimated at $220 million; fully diluted BTC per share up 8.8%
- —Program was approved in February 2023 with over 98% of votes including EVO FUND, 78.3% excluding it
- —Shares rose from 19 yen on April 8, 2024 to 831 yen on September 1, 2025, a 44x gain
Why it matters: Lower dilution and the removal of automatic share-count escalation strengthen shareholder protections at bitcoin treasury firms, setting a governance benchmark for the sector.
Source: CoinPost