Metaplanet Halts Share Sales to Boost Bitcoin Treasury Strategy

Metaplanet (MTPLF) has suspended its 20th to 22nd series of stock acquisition rights from October 20 to November 17. This strategic pause affects Moving Strike Warrants issued through third-party allotment to Evo Fund, halting all remaining rights exercises during a 20-day trading period. The suspension effectively stops common stock sales that would fund additional Bitcoin acquisitions. This decision comes after Metaplanet's stock value plummeted to barely exceed its Bitcoin holdings, making further share sales potentially dilutive for shareholders. Metaplanet joins other Bitcoin treasury companies facing similar challenges. Despite Bitcoin's rally toward record highs this year, shares of companies mimicking Michael Saylor's MSTR strategy have significantly declined. Notable examples include KindlyMD (NAKA) and Strive (ASST), both experiencing 80%+ share price drops post-SPAC mergers as investors reject premiums over Bitcoin balance sheet value. Holding 30,823 BTC and ranking as the world's fourth-largest corporate Bitcoin holder, Metaplanet describes this as a strategic capital management move. The company remains committed to maximizing flexibility, strengthening its financial foundation, supporting shareholder value, and developing new financial instruments while enhancing capital policy.