💵 $220M to buy back trust. That's how DAT firm Metaplanet (MTPLF) answers the governance backlash. 41% of Series 10 warrant shares cancelled, ~$220M in warrant value wiped. BTC per fully diluted share up 8.8%. ❗️Even after the cut, the concession covers less than half the gap. BTC per share sits at 0.0287, still well below the 0.0317 it would be if the award had stayed at the original 46M shares. But the letter answers the dilution question, not the treasury one. The 4,750 BTC sitting at Coinbase Prime still hasn't gotten its explanation. We flagged this risk earlier 👉 https://x.com/BloFin_Academy/status/2097273726895259752 #Bitcoin #BTC #Metaplanet(BloFin Research)