Metaplanet suspends warrant exercises to optimize BTC plan

Metaplanet Inc. said it will pause the exercise of three outstanding batches of Stock Acquisition Rights – the 20th, 21st and 22nd series – citing a need to better manage fundraising amid changing markets. In a notice dated Oct 10, 2025, the company set a suspension window from Oct 20 (inclusive) to Nov 17 (inclusive), covering 20 trading days.

According to the filing, the number of unexercised rights as of the notice date is:

20th series: 284,400 units (convertible into 28,440,000 shares)
21st series: 1,850,000 units (convertible into 185,000,000 shares)
22nd series: 1,850,000 units (convertible into 185,000,000 shares)

The notice references adjustable exercise‑price and suspension clauses, and states that under a repurchase agreement, the company may suspend or resume exercise of all or part of the rights at any time. After the effective date of suspension, Metaplanet may also permit Evolution Japan Securities (EJS) to resume exercises. Any change (suspension or resumption) will trigger a new press release.

Stock Acquisition Rights in Japan function like warrants – options to buy newly issued shares. When exercised, they increase the share count (dilution) and can add funding to the company. Temporarily pausing exercises helps Metaplanet control the timing of dilution and fundraising during volatile markets while it retools its capital mix.

The company reiterated its mission to expand Bitcoin holdings and maximize BTC yield. President Simon Gerovich echoed the filing on X, saying Metaplanet has built the tools to tap multiple financing routes and is suspending the 20th–22nd series as it optimizes its capital‑raising strategy toward those BTC goals. The notice adds that Metaplanet is developing new financial instruments and advancing the sophistication of its capital policy to support sustainable growth and shareholder value.

Metaplanet notes that its Bitcoin strategy is unchanged, and the pause simply manages timing. The company may reduce near‑term dilution while it decides how and when to raise capital, and signals ongoing focus on a BTC‑heavy treasury and yield on held coins.

A mid‑period notice lifting the suspension is possible if market conditions improve. Alternatively, Metaplanet may use the window to roll out new financing tools or provide an update on BTC treasury activity. Once exercises resume, expect filings on any adjustments to the size or terms of the affected warrant series, with separate press releases accompanying each step.