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Metaplanet CEO Simon Grovich has issued a letter to shareholders stating that the board of directors has decided to adjust the subscription rights for the 10th series of shares, cancel 41% of the related shares, reset the conversion ratio to 1:410, and cancel over $220 million worth of warrants. This adjustment has resulted in a complete dilution of the company's Bitcoin holdings per share, increasing by approximately 8.8%. Unconvested warrants will be exercised in batches from 2029 to 2031, and the originally planned 20% employee incentive pool warrants will be cancelled.