MetaPlanet ready to restart Bitcoin purchases through stock sales – only 5% gap remaining

The Tokyo-based company MetaPlanet, Asia’s leading institutional Bitcoin holder, is approaching a tipping point where it can restart its strategy to acquire more holdings of the largest cryptocurrency. The company’s stock recently rose by 15% to 605 Yen ($3.8), bringing it within about 5% of the activation level for the next series of warrant instruments.

The significance of this step lies not only in the pure price gains but also in the fundamental shift in the profitability of equity issuances for Bitcoin purchases. For a long time, selling new shares was dilutive—it would have weakened the stock value rather than strengthened it. That is now changing noticeably.

Explaining the Moving Strike Warrant Program

MetaPlanet uses an advanced financing instrument called the Moving Strike Warrant (MSW) to strategically and shareholder-friendly acquire Bitcoin. In December 2025, the company issued two new series of subscription rights to the EVO Fund—collectively representing the potential for up to 210 million newly issued shares.

The program was originally designed as a protective measure. After the stock fell about 80% from its all-time high in June, it was not sensible to conduct capital increases and dilute existing shareholders. The warrant system therefore prohibited issuances as long as the net asset value multiple (mNAV)—the ratio of the company’s value to its Bitcoin holdings—was below 1. Now, with the mNAV rising to 1.36, the highest level since October, the situation has fundamentally changed.

The two critical thresholds for issuance

The first and imminent activation opportunity is the 23rd series of options with an exercise price of 637 Yen. A rise of only about 5% from the current price would reach this threshold and give the EVO Fund the right to issue and sell up to 105 million new shares. The proceeds would most likely be fully used to purchase additional Bitcoin.

The second tranche, the 24th series, has a higher exercise price of 777 Yen. If the company reaches this level as well, another 105 million shares could be issued, enabling further substantial capital inflow for Bitcoin accumulation.

Why the improved conditions allow for a restart of the strategy

The key factor is the shift in the dynamics of ownership dilution and value creation. When the mNAV multiple was below 1, each new share issuance effectively stole value from existing shareholders—new shares would dilute holdings with lower Bitcoin backing.

With the mNAV rising to 1.36, this equation reverses. Now, new share issuances create value because each issued share is associated with a higher Bitcoin holding per share. This is the moment MetaPlanet has been waiting for—a moment when aggressive growth is not only safe but profitable.

The broader implications for Bitcoin strategy

MetaPlanet currently holds 35,102 Bitcoin on its balance sheet, making it the fourth-largest publicly traded institutional investor. With the possibility of issuing up to 210 million new shares, the company signals clear intentions: further massive Bitcoin purchases. The stock price recovery of 90% since the lows in December shows that the market is rewarding this strategy and trust in the Bitcoin owner has returned.

If MetaPlanet can activate both warrant series as expected, it would send a significant signal to other publicly traded companies that the conditions for Bitcoin-driven growth are once again favorable. For MetaPlanet, this means that the pause in stock sales—the opportunity to restart Bitcoin purchases—is imminent.