Metaplanet (MTPLF) — the Tokyo-based Bitcoin-focused investment firm — has temporarily suspended its share sales program aimed at funding additional Bitcoin acquisitions.
The company announced it will pause the exercise of its 20th to 22nd series of Moving Strike Warrants from October 20 to November 17, halting stock issuance via a third-party allotment to Evo Fund.
Why Metaplanet Is Pausing Its Bitcoin Funding Plan
The decision follows a sharp 70% decline in Metaplanet’s share price since June, leaving its valuation at just 1.05x its net asset value (NAV) — the lowest multiple since it launched its Bitcoin strategy.
With the company’s market cap now closely tracking the value of its 30,823 BTC holdings, further share sales risk significant shareholder dilution. Pausing the warrant exercises allows Metaplanet to stabilize valuation and preserve investor confidence amid volatile market conditions.
Metaplanet’s move reflects a broader trend among Bitcoin treasury companies, many of which have seen stock prices fall despite Bitcoin trading near record highs. Firms like KindlyMD (NAKA) and Strive (ASST), which recently went public via SPAC mergers, have also suffered losses exceeding 80% as investors question the premium pricing of Bitcoin-holding firms.
Despite the pause, Metaplanet remains committed to its Bitcoin accumulation and capital optimization strategy, saying it aims to maximize flexibility, strengthen its balance sheet, and develop new financial instruments to support long-term shareholder value.
Currently ranked as the fourth-largest corporate Bitcoin holder globally, Metaplanet continues to pursue a “Bitcoin-first” treasury model inspired by MicroStrategy’s approach, even as market sentiment cools on Bitcoin-linked equities.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.