Key Takeaways
- Metaplanet is freezing its 20th to 22nd stock rights exercises from Oct. 20 to Nov. 17.
- The firm has increased its holdings by over 10,000 BTC in the past 30 days and now holds 30,823 BTC, worth approximately $3.74 billion.
- Metaplanet’s stock is trading down by over 22% in the past 30 days, but up 55% YTD.
Japan’s leading Bitcoin (BTC) treasury has announced a temporary suspension of stock acquisition rights in a bid to optimize its Bitcoin yield and funding strategy.
Quick Pause
The Tokyo-based BTC firm has announced that it’ll be temporarily freezing its 20th to 22nd series of stock acquisition rights.
Starting from October 20 and lasting for 20 trading days (until Nov. 17), the suspension is a “proactive measure” that’ll give Metaplanet space to “strategically manage its capital formation.”
The firm’s boss, Simon Gerovich, explained that Metaplanet “has a strong foundation for growth and has developed the ability to harness a variety of financing tools.”
Now, he adds, they’ll be suspending the exercise to “optimize capital raising strategies in our relentless pursuit of expanding our Bitcoin holdings and maximizing BTC yield.”
The move could also serve to bolster investor confidence as it prevents further share dilution, as holders of 20th to 22nd series stock acquisition rights cannot convert them into new shares.
So far, investors have responded favorably to the news, driving shares up by a few percentage points. However, the firm’s stock has been trading down 9% over the past 5 days and more than 22% in the past 30 days.
Bitcoin First
In the past 30 days, Metaplanet increased its BTC holdings from 18,991 to 30,823 BTC.
It’s now worth over $3.74 billion and carries an unrealized profit of roughly $593 million.
Last month, instead of making regular incremental buys, it made two historically large ones.
On September 22, it made its largest purchase ever, acquiring 5,419 BTC. At the end of the month, it bagged another 5,268 BTC.
In total, the firm spent roughly $1.24 billion across these two transactions, increasing its stash by an absurd 10,687 BTC.
The decision also follows BTC’s recent ATH breakout above $126,000, which has been followed by significant volatility and overall market decline.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
