The Bitcoin-focused firm paused stock acquisition rights for 20 trading days as its stock’s multiple to net asset value hit a cycle low.
By James Van Straten, AI Boost|Edited by Stephen Alpher
Oct 10, 2025, 12:54 p.m.
- Metaplanet announced a suspension of the 20th to 22nd series of Moving Strike Warrants that will run from October 20 to November 17.
- Shares have fallen 70% from June highs, with valuation now at 1.05x NAV, the lowest since launching its bitcoin strategy.
Metaplanet (MTPLF) 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 suspension, which applies to warrants issued through a third-party allotment to Evo Fund, will pause the exercise of all remaining rights for a 20-day trading period.
Metaplanet is essentially halting, for now, the sale of common stock to fund additional bitcoin purchases. The company is doing this after a months-long collapse in its stock has left the share valuation at just barely above the value of the bitcoin on its balance sheet. Additional share sales would thus potentially be dilutive to shareholders.
STORY CONTINUES BELOW
Metaplanet isn’t alone. Even as bitcoin has risen throughout the year and trades within sight of record highs, shares in bitcoin treasury companies — most of which were quickly formed in attempt to mimic the success of Michael Saylor’s Strategy (MSTR) — have plunged.
Among them are KindlyMD (NAKA) and Strive (ASST), both of which recently closed SPAC merger deals only to see their share prices quickly lose 80% or more as investors question to need to pay any premium to the value of the bitcoin on their balance sheet.
Metaplanet, which holds 30,823 BTC and ranks as the fourth largest corporate bitcoin holder globally, said the suspension is a strategic move to manage capital formation amid evolving market conditions.
The company said will continue to maximize flexibility, strengthen its financial foundation, and support shareholder value. It also plans to continue developing new financial instruments and enhancing its capital policy.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
More For You
Sep 9, 2025
Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025
What to know:
- Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025
- Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platform
- Open interest across centralized derivatives exchanges rose 4.92% to $187 billion
More For You
By Will Canny, AI Boost|Edited by Cheyenne Ligon
45 minutes ago
Miners’ secured grid capacity and high-density sites offer hyperscalers a faster, cheaper path to expand AI data centers as interconnection delays mount.
What to know:
- Bernstein says grid congestion is delaying U.S. data center expansion, making power access a key AI bottleneck.
- Bitcoin miners control over 14 GW of secured power, offering AI firms a faster, cheaper path to scale than greenfield builds, the report said.
- Existing high-density, cooled mining sites can be quickly converted for AI workloads; IREN is Bernstein’s top pick with a $75 price target.
