Metaplanet Pauses Stock Acquisition Rights Amid Weak Share Valuation
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 20 trading days. The pause affects warrants issued through a third-party allotment to Evo Fund.
The move delays stock sales for Bitcoin purchases, as the company’s shares have fallen close to the net value of the Bitcoin it holds. Additional share issuance now could be dilutive to existing shareholders.
This mirrors a broader trend in Bitcoin treasury companies. Despite Bitcoin approaching record highs, shares of firms such as KindlyMD (NAKA) and Strive (ASST) have declined 80% or more post-SPAC, as investors hesitate to pay a premium over the underlying Bitcoin value.
Metaplanet, holding 30,823 BTC and ranking as the fourth-largest corporate Bitcoin holder, described the suspension as a strategic measure to manage capital amid volatile market conditions. The company plans to continue strengthening its balance sheet, supporting shareholders, and developing new financial instruments.
