Metaplanet Halts Warrant Conversions to Manage Equity Supply

Metaplanet suspends two warrant series until 2027 to prevent equity dilution, aligning with its $2.6B Bitcoin treasury strategy and a new $255M funding round.

In a strategic move to prevent shareholder dilution, Japanese firm Metaplanet has officially suspended the conversion rights for two series of its warrants. The company has put its 23rd and 24th warrant series on hold until December 2027, a decision that directly impacts rights to acquire up to 210 million shares. This action, effective March 24, 2026, is designed to avoid flooding the capital market with new equity from multiple sources simultaneously.

A Coordinated Capital Strategy

The suspension instructs partner Evolution Japan Securities to halt all exercises under the existing purchase agreement. This forms part of a broader financial management plan, coinciding with the prominence of a newly issued 27th warrant series. That series was central to a recent funding round which raised approximately $255 million from institutional investors. It includes specific price adjustment and suspension mechanisms intended to allow for more precise control over the supply of shares entering the market.

Central to Metaplanet’s corporate strategy is its substantial Bitcoin treasury. The company currently holds 35,102 BTC, valued at around $2.6 billion, with an ambitious target of accumulating 100,000 BTC by the end of 2026. To fund further purchases between April 2026 and March 2028, the company has allocated up to 56.9 billion yen (roughly $357 million). This capital is expected to come primarily from the 27th warrant series and additional institutional placements.

Tools to Curb Dilution

Metaplanet’s share price currently stands at 312 JPY, marking an increase of about 9.8% above its 52-week low of 284 JPY recorded in February. The company’s board has additional instruments at its disposal to manage equity dilution during this period of aggressive Bitcoin accumulation. This includes an existing authorization to buy back up to 150 million of its own shares by October 2026, although no repurchases were executed in February. The combination of the warrant suspension and the potential share repurchase program provides the management team with multiple levers to stabilize the equity structure while pursuing its treasury asset goals.