diff --git a/Test/daml/OpenCapTable/TestWarrantConversionRightReferences.daml b/Test/daml/OpenCapTable/TestWarrantConversionRightReferences.daml
new file mode 100644
index 00000000..c8e7dd6c
--- /dev/null
+++ b/Test/daml/OpenCapTable/TestWarrantConversionRightReferences.daml
@@ -0,0 +1,103 @@
+module OpenCapTable.TestWarrantConversionRightReferences where
+
+import Fairmint.OpenCapTable.OCF.WarrantIssuance
+import Fairmint.OpenCapTable.Types.Conversion
+import Fairmint.OpenCapTable.Types.Monetary
+import qualified Fairmint.OpenCapTable.CapTable as CT
+import OpenCapTable.Setup
+import OpenCapTable.TestHelpers
+import Daml.Script
+
+warrantConversionTriggerTo : Optional Text -> OcfConversionTrigger
+warrantConversionTriggerTo stockClassId = OcfConversionTrigger with
+  conversion_right = OcfRightWarrant (OcfWarrantConversionRight with
+    conversion_mechanism = OcfWarrantMechanismFixedAmount with converts_to_quantity = 100.0
+    converts_to_future_round = None
+    converts_to_stock_class_id = stockClassId
+    type_ = "WARRANT_CONVERSION_RIGHT")
+  end_date = None
+  nickname = None
+  start_date = None
+  trigger_condition = None
+  trigger_date = None
+  trigger_description = None
+  trigger_id = "TRIGGER-1"
+  type_ = OcfTriggerTypeTypeElectiveAtWill
+
+warrantIssuanceWithConversionTarget : Text -> Text -> Optional Text -> WarrantIssuanceOcfData
+warrantIssuanceWithConversionTarget issuanceId securityId stockClassId = WarrantIssuanceOcfData with
+  id = issuanceId
+  date = defaultTestDate
+  security_id = securityId
+  custom_id = "W-" <> issuanceId
+  stakeholder_id = defaultStakeholderId
+  board_approval_date = None
+  stockholder_approval_date = None
+  consideration_text = None
+  security_law_exemptions = []
+  quantity = Some 100.0
+  quantity_source = None
+  exercise_price = Some (OcfMonetary with amount = 1.0, currency = "USD")
+  purchase_price = OcfMonetary with amount = 0.0, currency = "USD"
+  exercise_triggers = [warrantConversionTriggerTo stockClassId]
+  warrant_expiration_date = None
+  vesting_terms_id = None
+  vestings = []
+  comments = []
+
+testWarrantConversionRightTargetCreatedInSameBatchSucceeds = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableWithStakeholder <- addDefaultStakeholder issuer cap_table
+
+  _ <- submit issuer do
+    exerciseCmd capTableWithStakeholder CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateStockClass (defaultStockClass "SC_WARRANT_TARGET")
+        , CT.OcfCreateWarrantIssuance (warrantIssuanceWithConversionTarget "TX_WARRANT_TARGET_REF" "WARRANT-TARGET-REF" (Some "SC_WARRANT_TARGET"))
+        ]
+      edits = []
+      deletes = []
+  pure ()
+
+testWarrantConversionRightMissingTargetFails = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableWithStakeholder <- addDefaultStakeholder issuer cap_table
+
+  submitMustFail issuer do
+    exerciseCmd capTableWithStakeholder CT.UpdateCapTable with
+      creates = [CT.OcfCreateWarrantIssuance (warrantIssuanceWithConversionTarget "TX_WARRANT_MISSING_TARGET" "WARRANT-MISSING-TARGET" (Some "SC_MISSING_WARRANT_TARGET"))]
+      edits = []
+      deletes = []
+
+testWarrantConversionRightEditMissingTargetFails = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableWithStakeholder <- addDefaultStakeholder issuer cap_table
+  result <- submit issuer do
+    exerciseCmd capTableWithStakeholder CT.UpdateCapTable with
+      creates = [CT.OcfCreateWarrantIssuance (warrantIssuanceWithConversionTarget "TX_WARRANT_EDIT_TARGET" "WARRANT-EDIT-TARGET" None)]
+      edits = []
+      deletes = []
+
+  submitMustFail issuer do
+    exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
+      creates = []
+      edits = [CT.OcfEditWarrantIssuance (warrantIssuanceWithConversionTarget "TX_WARRANT_EDIT_TARGET" "WARRANT-EDIT-TARGET" (Some "SC_MISSING_WARRANT_EDIT_TARGET"))]
+      deletes = []
+
+testWarrantConversionRightTargetDeleteCannotLeaveDanglingReference = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableWithStakeholder <- addDefaultStakeholder issuer cap_table
+  result <- submit issuer do
+    exerciseCmd capTableWithStakeholder CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateStockClass (defaultStockClass "SC_WARRANT_DELETE_TARGET")
+        , CT.OcfCreateWarrantIssuance (warrantIssuanceWithConversionTarget "TX_WARRANT_DANGLING_TARGET" "WARRANT-DANGLING-TARGET" (Some "SC_WARRANT_DELETE_TARGET"))
+        ]
+      edits = []
+      deletes = []
+
+  submitMustFail issuer do
+    exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
+      creates = []
+      edits = []
+      deletes = [CT.OcfDeleteStockClass "SC_WARRANT_DELETE_TARGET"]
diff --git a/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar b/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar
index a8f7cd61..55a5a349 100644
--- a/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar
+++ b/dars/OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar
@@ -1,3 +1,3 @@
 version https://git-lfs.github.com/spec/v1
-oid sha256:19797ba6b7f7cee39bb9e9c335440ec0e18792a7181d4bdf77d36a91dea5e08e
-size 2500577
+oid sha256:3659e1d3773ec6768ed3521a627d4e3b06eb45de34767ef878cf19848a3d73ac
+size 2502327
diff --git a/dars/dars.lock b/dars/dars.lock
index d416590f..50d425ab 100644
--- a/dars/dars.lock
+++ b/dars/dars.lock
@@ -12,8 +12,8 @@
       ]
     },
     "OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar": {
-      "sha256": "19797ba6b7f7cee39bb9e9c335440ec0e18792a7181d4bdf77d36a91dea5e08e",
-      "size": 2500577,
+      "sha256": "3659e1d3773ec6768ed3521a627d4e3b06eb45de34767ef878cf19848a3d73ac",
+      "size": 2502327,
       "sdkVersion": "3.4.10",
       "uploadedAt": "2026-07-07T21:50:59.634Z",
       "networks": []
diff --git a/scripts/codegen/templates/CapTable.daml.template b/scripts/codegen/templates/CapTable.daml.template
index f31b16c6..acbe8b22 100644
--- a/scripts/codegen/templates/CapTable.daml.template
+++ b/scripts/codegen/templates/CapTable.daml.template
@@ -18,6 +18,7 @@ import DA.Foldable (mapA_)
 import DA.Optional (isNone, isSome)
 
 import Fairmint.OpenCapTable.Types.Core (Context)
+import Fairmint.OpenCapTable.Types.Conversion (OcfAnyConversionRight(..))
 import Fairmint.OpenCapTable.Types.Stock (OcfInitialSharesAuthorized(..))
 import Fairmint.OpenCapTable.OCF.Issuer (Issuer(..), IssuerOcfData)
 import Fairmint.OpenCapTable.OCF.Document (Document(..), DocumentOcfData, OcfObjectReference(..), OcfObjectType(..))
@@ -322,6 +323,19 @@ validateConvertibleConversionRightReferences maps =
         issuance.issuance_data.conversion_triggers)
     (Map.values maps.convertible_issuances)
 
+validateWarrantConversionRightReferences : CapTableMaps -> Update ()
+validateWarrantConversionRightReferences maps =
+  mapA_
+    (\issuanceCid -> do
+      issuance <- fetch issuanceCid
+      mapA_
+        (\trigger -> case trigger.conversion_right of
+          OcfRightWarrant warrantRight ->
+            validateOptionalStockClassReference "Warrant conversion target" maps warrantRight.converts_to_stock_class_id
+          _ -> pure ())
+        issuance.issuance_data.exercise_triggers)
+    (Map.values maps.warrant_issuances)
+
 -- | Get the processing tier for a create operation
 getCreateTier : OcfCreateData -> Int
 getCreateTier createData = case createData of
@@ -458,6 +472,7 @@ template CapTable
         validateDocumentRelatedObjects finalMaps newIssuerCid
         validateStockClassConversionRightReferences finalMaps
         validateConvertibleConversionRightReferences finalMaps
+        validateWarrantConversionRightReferences finalMaps
         validateIssuerAuthorizedShares finalMaps newIssuerCid
 
         -- Create new CapTable with updated maps and potentially new issuer