Metaplanet (MTPLF) will suspend the exercise of its 20th to 22nd series of Moving Strike Warrants from Oct. 20 to Nov. 17, halting all remaining rights for a 20-trading-day period. The pause applies to warrants issued via a third-party allotment to Evo Fund.
The move delays the sale of common stock for additional Bitcoin purchases. Metaplanet’s shares have dropped in recent months and now trade just above the value of the Bitcoin it holds, making further share issuance potentially dilutive to existing shareholders.
This reflects a broader trend among Bitcoin treasury companies. Despite Bitcoin approaching record highs this year, firms like KindlyMD (NAKA) and Strive (ASST) have seen post-SPAC share prices plunge 80% or more, as investors hesitate to pay a premium above the Bitcoin on their balance sheets.
Metaplanet, the fourth-largest corporate Bitcoin holder with 30,823 BTC, described the suspension as a strategic measure to manage capital amid market fluctuations. The company plans to continue developing new financial instruments, strengthening its balance sheet, and supporting shareholder value.
