Following a rocketing higher in its stock price since beginning to add bitcoin to its balance sheet less than a year ago. Metaplanet has announced a 10-to-1 stock split set to take effect on April 1.
The Tokyo-based firm first started buying bitcoin in April 2024 and since has accumulated 2,031 tokens worth nearly $200 million. The purchases were the driving factor in Metaplanet being the best-performing Japanese equity over the past 12 months with a gain of 3,900%.
That price rise has created a “substantial financial burden for investors,” the company said in a press release announcing the split.
“To address this, we have decided to conduct a stock split to lower the price per trading unit, thereby improving liquidity, expanding our investor base, and strengthening our connection with a broader range of shareholders,” the company continued.
