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Japan’s Metaplanet Inc., often called “Asia’s MicroStrategy” and an aggressive Bitcoin treasury pioneer, has temporarily suspended use of its 20th through 22nd series of stock acquisition rights (SARs), also known as Moving Strike Warrants.
This is to change its capital strategy and increase its BTC holdings. The stoppage, which was announced on October 10, 2025, will last from October 20 to November 17 and will effect up to 398 million shares that were granted to EVO Fund in June. This comes after a similar pause from September 3 to 30. Shares are down 70% from their June highs and are selling at only 1.05 times their net asset value (NAV), which is the lowest level since the company switched to Bitcoin.
The move shows that the company is trying to protect itself from dilution while freeing up money to buy more bitcoin. CEO Simon Gerovich said it was “optimizing capital raising in our relentless pursuit of expanding Bitcoin holdings and maximizing BTC yield.”
Shows how Metaplanet has changed from a failing hotel operator to a $1.2 billion BTC whale holding 30,823 coins worth $3.7 billion at current pricing. As more and more global BTC treasuries emerge amid fears of debasement, this delay strains investors’ patience but strengthens Metaplanet’s all-in bet on digital gold.
The Suspension: A Tactical Hold on Warrants
The 20th to 22nd SARs, which were given to EVO Fund by a third party, let warrant holders buy shares at a strike price that changes based on market conditions. This gives them flexible capital for buying Bitcoin. Metaplanet had generated $200 million through previous exercises to build up its hoard. Now, because “market conditions are changing,” it calls the stop “strategic.” The hold, which can be lifted at any time, lasts for 20 trading days and stops the immediate dilution of its 1.2 billion outstanding shares. This keeps NAV stable even though the stock price has dropped 22% in a month to ¥1,050 ($7).
In an X post on October 10, Gerovich went into further detail, saying, “Metaplanet has a strong foundation for growth and has learned how to use a variety of financing tools.” We are putting the 20th-22nd Series of Stock Acquisition Rights on hold for now while we work on improving our capital-raising initiatives.
This isn’t panic; it’s being careful. Shares have up 55% this year, but they have been volatile since they started trading at a discount because of warrant overhang issues. Nomura Securities analysts call it “mature capital management,” which is similar to MicroStrategy’s plans to restructure its debt in 2024 to pay for $15 billion in BTC.
The warrants, which could be used in full or in part after a pause, were a big feature of Metaplanet’s “Bitcoin Income Generation Business,” which started in September through its U.S. subsidiary Metaplanet Income Corp. The freeze buys time to look into other options, like permanent preferred shares, which will help keep equity from going down too much. The goal is to reach 210,000 BTC by 2027.
Making the Bitcoin Treasury Stronger
Metaplanet’s fascination with BTC goes back to April 2024, when it switched from hotels to crypto since the yen was weak. The purchase of 5,268 BTC for $623 million on October 1 raised the company’s holdings to 30,823 coins, making it the fourth largest in the world, after MicroStrategy (252,220), Marathon Digital (26,842), and Tesla (11,509). That comes to $3.7 billion, which is more than 90% of Metaplanet’s $4.1 billion market valuation. According to Q3 filings, lending on platforms like Aave would earn 3.5%.
This treasury-first attitude, which Michael Saylor inspired, has led to: Shares have gone up 1,200% since the approach started, which is more than the Nikkei 225’s 20%. The delay is in line with a “yield curve” of BTC-backed products, such as the “Metaplanet Prefs” perpetual preferred shares for non-dilutive funding that came out in September. Gerovich: “We’re making a Japanese Bitcoin-backed yield curve to get the most out of BTC yield without making it less valuable all the time.”
Short-Term Changes vs. Long-Term Goals
Metaplanet’s balance sheet is full with BTC, which makes risks bigger: If BTC drops by 20%, NAV may decline by 18%, which would put more pressure on shares. This is clear from the 70% drop from ¥4,500 peaks so far this year.
Managing volatility is quite important; the company hedges 10% of its holdings with options, but being fully exposed doesn’t allow much room for mistake with Japan’s 0.25% BOJ rate.
The pause raises questions: Investors wonder if it’s a way to stop warrant exercises because of low NAV multiples, which could mean that BTC is too dependent on it.
Nomura warns of “dilution fatigue,” and if it starts up again, 400 million shares could be at risk. Still, options like prefs, which pay 5–7% on BTC collateral, provide them some breathing room. They want to raise $1 billion by the second quarter of 2026.
Gerovich says, “Bitcoin is our main asset; this maximizes yield without slowing growth.” Metaplanet is betting on BTC’s $200,000+ path, just like Saylor did, with 30,823 BTC and plans for 210,000 by 2027.
Conclusion
Metaplanet’s decision to suspend its warrants on October 10, which paused 398 million shares for 20 trading days, is a strategic move to strengthen its $3.7 billion Bitcoin treasury in the face of NAV pressures and fears of dilution. The shift puts a priority on maximizing yield through prefs and hedging as holdings reach 30,823 BTC (fourth in the world), similar to how MicroStrategy has changed over time. There are a lot of risks that come with volatility, but Gerovich’s “relentless pursuit” ambition puts Metaplanet at the front of Japan’s BTC movement. For shareholders, it’s a test of faith in digital gold; for crypto, it’s a plan for businesses to use it. As shares settle at 1.05x NAV, keep an eye on Q4 buys. The climb in the yield curve could change Asian treasuries.
