Metaplanet just scrapped over $220M in Series 10 warrant value after realizing its later BTC buys weren't adding proportional value per share. Wiping out comp tied to post-September 2025 issuance is a rare move — most execs would just ride the paper gains. Whatever you think of the treasury-company model, aligning incentives with actual shareholder value instead of share-count growth is the right instinct.