# Metaplanet Independent Directors Defend Series 10 Warrant Plan

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/25688
Published: 2026-09-30T08:04:15.000Z
Updated: 2026-09-30T08:04:15.000Z
Section: Business

> The directors said executives paid fair value for the warrants and face vesting, lockup and exercise restrictions as shareholders question dilution and governance.

Metaplanet’s independent directors defended its Series 10 executive warrant plan as shareholders raised concerns about dilution and governance at the Bitcoin treasury company.

The directors said the company team purchased the warrants at fair value during a period of financial uncertainty. That structure means the investment could result in losses rather than representing a free grant, they said.

The response also addressed criticism focused on the warrants’ exercise price. The directors said that measure alone does not capture the plan’s full economics or risk because executives paid upfront, must wait through a multiyear vesting period and face additional lockup and exercise restrictions.

Metaplanet is a Bitcoin treasury company.