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The cancellation reduces issued capital, but leaves the reported voting-rights denominator unchanged because the treasury shares were already excluded. It is not a new share purchase or a fresh 6.8% cut to voting shares.
The conversion completes a financing sequence agreed in 2025: UBS paid 25% on allotment and has now paid the remaining 75%.
The bank owns Rakuten Card and Rakuten Securities Holdings outright. The reorganisation brings a ¥23 billion estimated tax charge at Rakuten Group, while Mizuho retains a separate stake in the securities business.
The 2 October venture combines an equity liquidity provider with a large independent research franchise. Wolfe’s updated execution page already describes the partnership, bringing a new distribution and payment route to its research business.