Bitcoin News Today: Metaplanet's Bitcoin Push Plays Out Like Amazon's Post-Dotcom Gamble as Stock Defies Earnings

Metaplanet (MTPLF) has announced a temporary suspension of its 20th to 22nd series of Moving Strike Warrants, effective October 20 to November 17, to manage capital amid declining stock valuations Metaplanet Pauses Share Sales to Fund Bitcoin Purchases^[1]. The company's share price has fallen 70% from June highs, with its multiple to net asset value (NAV) now at 1.05x, the lowest since implementing its Bitcoin-focused strategy Metaplanet Pauses Share Sales to Fund Bitcoin Purchases^[1]. This move aims to avoid diluting shareholders, as additional share sales could further depress equity value. Metaplanet, which holds 30,823 BTC-placing it as the fourth-largest corporate Bitcoin holder globally-has emphasized maintaining financial flexibility and strengthening its capital structure amid evolving market conditions Metaplanet Pauses Share Sales to Fund Bitcoin Purchases^[1].

The decision follows strong third-quarter financial results, including ¥2.44 billion in Bitcoin-related revenue (a 115.7% increase) and operating profits exceeding forecasts by 88% Metaplanet Stock Falls as Company Reports Strong Bitcoin Growth^[2]. Despite these gains, the stock has continued to decline, reflecting broader challenges faced by Bitcoin treasury companies. CEO Simon Gerovich likened the situation to Amazon's post-dot-com era, where stock prices lagged behind operational performance, and stressed that the company's fundamentals remain robust Metaplanet Stock Falls as Company Reports Strong Bitcoin Growth^[2]. Metaplanet recently added 5,268 BTC to its holdings at an average price of $116,870 per coin, valued at $615 million, raising its total Bitcoin valuation to $3.7 billion Metaplanet Stock Falls as Company Reports Strong Bitcoin Growth^[2].

The company's strategic pivot to Bitcoin has drawn both institutional interest and market volatility. Capital Group recently became Metaplanet's largest shareholder with an 11.45% stake, while analysts at Benchmark Equity Research maintained a "Buy" rating, citing the firm's transparency in verifying Bitcoin holdings via Proof of Reserves Metaplanet Stock Falls as Company Reports Strong Bitcoin Growth^[2]. However, the stock has fallen 39% in the past month, contrasting with Japan's broader equity market, which gained 1.7% over the same period .

Metaplanet's actions highlight growing scrutiny of Bitcoin treasury strategies, as investors weigh the risks of equity dilution against long-term crypto exposure. Analysts note that narrowing premiums between share prices and net asset values-currently at 1.05x for Metaplanet-signal increased volatility for such firms . The company plans to continue expanding its Bitcoin treasury operations while refining capital policies to align with market dynamics Metaplanet Pauses Share Sales to Fund Bitcoin Purchases^[1].