Daily News 19

Tag: Bitcoin per share

  • Metaplanet Cuts Series 10 Stock Rights Pool 41% to Boost Bitcoin per Share

    Metaplanet Cuts Series 10 Stock Rights Pool 41% to Boost Bitcoin per Share

    Tokyo-listed Bitcoin treasury firm Metaplanet Inc. (TSE: 3350) announced on 11 September 2026 that its board of directors resolved to reduce the potential share pool under its 10th Series Stock Acquisition Rights by 41.1%, from 319,464,000 to 188,190,000 shares. The decision follows feedback from shareholders and capital market participants. Chief executive Simon Gerovich signed the notice on behalf of the company.

    Board Resolution Details

    The amendment cuts the number of shares underlying each stock acquisition right from 696 to 410, lowering the total potential pool by 131,274,000 shares. After deducting the portion already exercised, the remaining potential shares fall by 55.5%, from 236,640,000 to 105,366,000.

    Unvested rights now carry a new exercise restriction, with three equal portions becoming exercisable on 18 August 2029, 2030, and 2031 respectively. The company also withdrew its plan to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle and will instead design a new compensation plan with a global consultant. The lock-up through 17 August 2031 and the JPY 10 exercise price remain unchanged. If all remaining rights are exercised, the company would receive roughly JPY 1.05 billion.

    Why Metaplanet Changed Course

    The board said it reconsidered the reference date used to calculate the shares underlying the rights, shifting it from 30 June 2026 to 1 September 2025. Metaplanet argued this better aligns the options with the period when its equity financings were executed at the highest premiums to net asset value, whereas later offerings including the September 2025 international placement were completed at more modest premiums. The company has drawn scrutiny as its floating option pool expanded alongside its share count while it pursued a strategy of raising equity to accumulate Bitcoin.

    Bitcoin Per Share Improves

    Because the fully diluted share count falls in line with the rights reduction, Metaplanet said its fully diluted Bitcoin per share improves accordingly. The company holds 43,000 BTC and reported roughly 0.0286646 BTC per effective diluted share, up from 0.0263554 as of 30 June, with the current-quarter BTC Yield at 8.8%.

    The disclosure shows one director holds 276,000 units, equal to 113,160,000 underlying shares after the cut, with 49,128,000 still exercisable. As Metaplanet expands its treasury strategy, it expects the amendment’s impact on current-year results to be immaterial.

  • Capital B’s €21 Million Bitcoin Raise Carries Heavy Warrant Dilution Risk

    Capital B’s €21 Million Bitcoin Raise Carries Heavy Warrant Dilution Risk

    Bitcoin treasury company Capital B plans to raise €21.01 million through a private share placement and use the proceeds, together with operating funds, to purchase up to 270 additional Bitcoin.

    The proposed transaction would leave Capital B’s reported Bitcoin backing per diluted share virtually unchanged immediately after completion. However, the warrants attached to the new shares could create substantial additional dilution if exercised.

    Capital B plans €21 million Bitcoin financing

    Capital B announced a private placement of 36,219,070 shares with attached warrants at €0.58 per unit. The financing is expected to generate €21.01 million in gross proceeds, or approximately €19.9 million after fees.

    Closing was expected no earlier than Aug. 31. At the time of the announcement, neither the new shares nor the planned Bitcoin purchase had been completed.

    Capital B said the financing proceeds and operating funds could increase its Bitcoin treasury from 3,145 $BTC, confirmed on Aug. 17, to a potential 3,415 $BTC.

    Immediate Bitcoin-per-share impact is nearly flat

    Based on the diluted shareholder figures in Capital B’s Aug. 28 release, the company held approximately 7.4725 $BTC per million shares before the placement. If Capital B reaches 3,415 $BTC and has 457,096,891 diluted shares after the placement, the resulting figure would be approximately 7.4711 $BTC per million shares.

    That represents a decrease of roughly 0.02%, making the immediate effect of the transaction essentially flat relative to Capital B’s stated objective of increasing Bitcoin per diluted share over time.

    Infographic outlines Capital B’s Bitcoin holdings, diluted share counts, and $BTC per million shares across three dilution scenarios and financing estimates.

    Warrants could increase dilution

    Before the reverse-split adjustment, each new share carries two warrants exercisable at €0.75, €0.98 and €1.27. If all the warrants were exercised, Capital B would issue 144,876,280 additional shares and receive a further €135.82 million.

    If every new warrant were exercised and no additional Bitcoin were attributed to the resulting proceeds, the potential 3,415 $BTC treasury would be spread across 601,973,171 displayed diluted shares. That would equal approximately 5.6730 $BTC per million shares, or 24.1% below the pre-placement ratio.

    The warrants have five-year terms and depend on investors choosing to exercise them. The related shares and cash therefore have not yet been received.

    An investor holding 1% of Capital B before the placement would see that stake fall to 0.9% on the ordinary post-placement basis and to 0.72% on the company’s diluted basis without participating in the financing. Full exercise of the new warrants would reduce those figures to 0.65% and 0.55%, respectively.

    Capital B also says its displayed diluted calculation excludes older BSA families, specified warrants attached to convertible bonds and unissued capacity under a €300 million TOBAM program. Those items are not included in the 24.1% dilution scenario.

    Broader financing capacity

    In June, Capital B shareholders authorized significantly broader financing capacity, including up to €5 billion in capital increases and €100 billion in credit instruments.

    The Aug. 28 placement provides a priced example of the company’s financing strategy. The proposed Bitcoin purchase would broadly match the immediate expansion in shares, while the attached warrants will determine whether Capital B’s longer-term Bitcoin-per-share ratio improves or declines.