Metaplanet (MTPLF), a Bitcoin-focused firm, has announced it will suspend the exercise of its 20th to 22nd series of stock acquisition rights—also known as Moving Strike Warrants—from Oct. 20 to Nov. 17. The pause applies to warrants issued through a third-party allotment to Evo Fund and will halt all remaining rights for a 20-trading-day period.
Strategic reasoning
The move effectively delays the sale of common stock to fund additional Bitcoin purchases. Metaplanet is taking this step after its shares, following months of declines, now trade only slightly above the net value of Bitcoin held on its balance sheet. Executing further share sales under these conditions could be dilutive to existing shareholders.
Metaplanet’s situation reflects a broader trend in the Bitcoin treasury space. Despite Bitcoin rallying toward record highs this year, shares of companies holding Bitcoin—many modeled after Michael Saylor’s strategy with MicroStrategy (MSTR)—have suffered steep losses. Firms such as KindlyMD (NAKA) and Strive (ASST) have seen post-SPAC merger share prices fall by 80% or more, as investors question paying a premium above the underlying Bitcoin value.
Bitcoin holdings and outlook
Metaplanet currently holds 30,823 BTC, ranking it as the fourth-largest corporate Bitcoin holder globally. The company described the suspension as a strategic measure to manage capital formation amid evolving market conditions. It emphasized plans to continue enhancing flexibility, strengthening its financial foundation, and supporting shareholder value, alongside developing new financial instruments and refining its capital policy.
