Metaplanet's independent directors defended the 10th series of share acquisition rights, an executive equity incentive plan that sparked shareholder dilution protests. In a letter dated September 29, the directors stated that management purchased these rights with personal funds at fair value when the company faced a financial crisis, viewing them as a restructuring investment and long-term incentive. This followed Metaplanet's September 11 decision to cut the potential equity pool by 41% to 188.2 million shares, cancel automatic adjustments after September 1, 2025, and increase phased exercise restrictions until 2031. However, the board's letter did not address CEO Simon Gerovich's exercise of 64 million shares before the September 11 adjustment, nor concerns regarding MMXX Ventures. Metaplanet's shares closed up 2% at 286 yen on Wednesday.