Metaplanet (MTPLF), the Bitcoin-focused firm, has announced it will suspend the exercise of its 20th to 22nd series of stock acquisition rights—known as Moving Strike Warrants—from Oct. 20 to Nov. 17. The pause, which applies to warrants issued through a third-party allotment to Evo Fund, halts all remaining rights for a 20-trading-day period.

What This Means
The move temporarily stops the sale of common stock to fund additional Bitcoin purchases. After months of decline, Metaplanet’s shares now trade just above the value of the Bitcoin on its balance sheet, meaning further sales could dilute existing shareholders.

Metaplanet is not alone. Despite Bitcoin’s rise this year, many corporate Bitcoin holders, including KindlyMD (NAKA) and Strive (ASST), have seen shares tumble 80% or more following SPAC mergers, as investors question paying a premium over the value of BTC on their balance sheets.

With 30,823 BTC on its balance sheet, Metaplanet ranks as the fourth-largest corporate Bitcoin holder globally. The company described the suspension as a strategic decision to manage capital amid evolving market conditions, maintain financial flexibility, and protect shareholder value. It also plans to continue developing new financial instruments and refining its capital policy.