Metaplanet announced a revision of its capital allocation policy. The company cut its executive stock option pool by 41%, reducing potential shares from 319.5 million to 188.2 million, extinguishing over $220 million in warrant value. The stock price is down 26% year-to-date despite a 5.6% rebound over the past five trading sessions. Metaplanet’s market value has fallen below its Bitcoin holdings, trading at 0.80x its Bitcoin NAV, meaning investors pay $0.80 for every $1 of Bitcoin the company owns.
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