Metaplanet Inc. has announced a strategic pause on some of its capital-raising activities, suspending the exercise of its 20th to 22nd series of stock acquisition rights from October 20 to November 17, 2025. This decision is a tactical move to prevent shareholder dilution while the company’s stock price is under pressure and to optimize its strategy for expanding its substantial Bitcoin holdings.
A Strategic Pause to Protect Value
Metaplanet’s decision to halt these share issuance rights is a direct response to current market conditions. The company’s stock has fallen significantly from its June peak, declining by about 70%. This has compressed its valuation to nearly the value of the Bitcoin on its balance sheet, trading at around 1.05 times its net asset value (NAV). Issuing new shares at this price level would be dilutive to existing shareholders, meaning it would reduce their ownership percentage without bringing in optimal new capital.
The suspension, which applies to rights previously allotted to EVO FUND, is framed by the company not as a retreat but as a disciplined step to gain flexibility. By pausing this specific mechanism, Metaplanet aims to manage its capital formation more strategically, avoid unnecessary dilution, and strengthen its financial foundation for the long term.
Maintaining the Bitcoin Accumulation Mission
This capital management tactic does not signal a slowdown in Metaplanet’s core objective. The company remains steadfast in its “Bitcoin-first” policy, treating the cryptocurrency as its primary reserve asset. It continues to be one of the world’s most aggressive corporate buyers, holding 30,823 BTC, which makes it Japan’s largest publicly listed corporate holder and a top-five holder globally.
The move is designed to enhance, not hinder, the company’s ability to expand its Bitcoin portfolio. Metaplanet has stated that its mission is to continue “expanding Bitcoin holdings and optimizing BTC yield”, and this suspension is a proactive measure to ensure it can do so in a way that maximizes long-term shareholder value.
Looking Ahead: The Next Funding Chapter
All eyes are now on the period following November 17, when the suspension is set to end. The company’s board will then decide whether to resume, revise, or further extend the pause on these stock acquisition rights. This gives Metaplanet a critical window to assess market conditions and determine the most efficient path forward.
For treasury staff and compliance officers tracking the company, the message is clear: Metaplanet is prioritizing the cost of capital and shareholder value as it plans its next move. The company has previously utilized a mix of funding routes, including international share offerings and bonds. This tactical pause signals that its next capital raise—whether through debt, non-dilutive tools, or a return to equity—will be carefully timed to align with a recovery in its share price and favorable market conditions to continue its ambitious Bitcoin acquisition strategy.
