Tokyo-based Bitcoin treasury firm Metaplanet has temporarily halted the exercise of its 20th to 22nd series of stock acquisition rights held by EVO Fund, pausing nearly 400 million potential shares from October 20 to November 17.

The move is less about retreat and more about control – a calculated step to refine how the company raises capital as it continues expanding its Bitcoin holdings.

Strategic Pause, Not a Setback

Metaplanet said the suspension allows it to better time its financing activities and avoid unnecessary share dilution. President Simon Gerovich described the decision as part of a broader optimization effort to maximize Bitcoin yield and strengthen long-term growth.

The company has built one of Japan’s strongest corporate Bitcoin portfolios, now holding 30,823 BTC, making it the country’s largest publicly listed holder.

The rights were issued in June under a repurchase deal with Evolution Japan Securities (EVO Fund), giving Metaplanet freedom to pause or resume conversions depending on market conditions. This flexibility lets the firm adapt quickly to Bitcoin’s volatility and shifting investor sentiment.

Focused on Growth and Discipline

Analysts view the pause as a sign of strategic maturity. Rather than rushing to issue new shares, Metaplanet is conserving capital and maintaining flexibility – ensuring it can scale on its own terms.

By keeping its balance sheet tight and its focus fixed on Bitcoin accumulation, Metaplanet is positioning itself for a more measured, resilient phase of growth as Japan’s most prominent corporate Bitcoin holder.