Metaplanet cuts Series 10 stock pool by 41%, plans Hong Kong subsidiary
Metaplanet will cut 131.3 million potential shares and form a $1 million Hong Kong subsidiary for trading in Bitcoin, equities and credit products.
Metaplanet, the Bitcoin treasury company, has announced a 41% reduction in its Series 10 stock pool, reducing the potential shares from 319.464 million to 188.19 million. CEO Simon Gerovich explained the decision was made in response to shareholder concerns over dilution. The company will also form a $1 million Hong Kong subsidiary for Bitcoin, equities, and credit products trading, as part of its "Project Nova" initiative.
The subsidiary, Metaplanet Asset Management Asia Limited, will operate in Asian market hours. Metaplanet's stock price fell 3.8% on Friday, marking a 15% decrease over five days.
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