Independent director of Japan's Bitcoin treasury company Metaplanet has sent a letter to shareholders regarding the dispute over the 10th round of new stock subscription rights. The letter states that this mechanism was established during a period of operational difficulties and high uncertainty about the company's transformation prospects. Management acquired the rights using personal funds at fair value, which should be considered a long-term equity incentive in corporate restructuring rather than ordinary executive compensation. The independent director noted that the board has since significantly tightened the terms, including canceling the automatic adjustment mechanism that maintained management's shareholding at approximately 20%, reducing the corresponding number of shares by about 41%, eliminating over $220 million in potential subscription rights value, and adding lock-in and exercise restrictions lasting until 2031. Additionally, VanEck has removed the section related to the 10th round of new stock subscription rights from its previous report, as it did not meet the company's research standards. https://www.(wublock123.com)/news/metaplanet-independent-director-letter-shareholders-ipo-option-dispute-69246