Metaplanet stock down 87% in year despite adding nearly 28K BTC

Japanese listed company Metaplanet, which has been accumulating Bitcoin, has seen its stock price plummet 87% over the past year while adding 27,832 BTC, U.Today reported. The outlet noted that Metaplanet has aggressively pursued its Bitcoin accumulation strategy, more than tripling its crypto holdings from a year ago. The company now holds a total of 40,177 BTC at an average purchase price of $104,106, representing a total investment of approximately $4.18 billion. However, its stock has taken a bigger hit than other Bitcoin-accumulating public companies. U.Today added that the sharp decline was surprising, particularly as Metaplanet is not funding its purchases with debt by selling preferred stock, a strategy used by MicroStrategy.