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.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
What to Know: $9B $BTC whale sale may signal early institutional de-risking from legacy encryption…
Bitcoin Magazine Bhutan Continues Consistent BTC Selling as Bitcoin Price Tanks to $72,000 Bhutan has…
Bitcoin Magazine Strategy ($MSTR) Shares Sink Over 20% in 5 Days as Bitcoin Crashes to…
What to Know: Vitalik Buterin’s push for stage 2 rollups has created a rift between…
Bitcoin Magazine U.S. Treasury: U.S. Government Cannot Deploy Taxpayer Funds to ‘Bail Out’ Bitcoin As…
Software stocks are thought to be facing an existential threat from the rise of AI,…