Metaplanet has announced that National Financial Services LLC (NFS), a subsidiary of Fidelity Investments, is now its largest shareholder.

In a July 15 disclosure, the firm revealed that NFS holds 84.4 million shares, equivalent to 12.9% of its total equity. Based on current valuations, this stake is worth approximately ¥121 billion or around $816 million.

As of March 31, NFS only held 1.91 million shares in Metaplanet.

NFS is a custodian for retail and institutional investors using Fidelity’s trading platforms. Fidelity is one of the 12 issuers of spot Bitcoin ETFs in the US, with its FBTC fund managing around $25 billion in assets.

This dramatic increase reflects growing institutional and retail interest in the Japan-based firm, which is largely driven by its bold commitment to Bitcoin.

Earlier this month, Metaplanet CEO Simon Gerovich reported that Capital Group, another major US asset management firm overseeing $2.9 trillion in assets, disclosed a sizable position in Metaplanet. The firm reportedly owns 44.2 million shares, representing 6.6% of total ownership.

Georvich said these investments were evidence that the firm’s “shareholder base continues to evolve as global access expands.”

Bitcoin holdings surge amid stock headwinds

This institutional attention comes amid Metaplanet’s aggressive Bitcoin purchases over the past year.

According to Metaplanet’s data, the Japan-based firm holds 16,352 BTC, which was acquired for $1.6 billion. The significant holdings have yielded unrealized profits of more than $300 million.

The holdings have also positioned the firm as the fifth-largest public holder of Bitcoin, surpassing names like Tesla.

Despite this aggressive accumulation strategy, Metaplanet’s stock has faced recent headwinds. According to Yahoo Finance data, its shares are down over 24% in the past month, trading at around ¥1,436 after an 8% drop today.

Still, Metaplanet’s stock trading activity remains elevated.

Dylan LeClair, the company’s Director of Bitcoin Strategy, reported that the firm accounted for 29.2% of all Japanese yen-denominated trading volume on the Tokyo Stock Exchange’s Standard Market over the past 20 sessions.

This momentum follows a staggering 1,400% gain in the company’s stock price over the past year, reinforcing its profile as one of Japan’s most watched mid-cap stocks.

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The financial services giant Goldman Sachs is telling shareholders that its competitors are now offering crypto products and services that the bank doesn’t.

In its 2024 Annual Report, Goldman Sachs says in some circumstances, rival firms are offering products that clients may prefer, such as specific digital assets, which Goldman cannot or choose not to provide.

According to the bank, the competition could help create better experiences for clients.

Goldman Sachs goes on to say that blockchain and artificial intelligence (AI)-based technologies have enhanced rivalries within the banking industry.

“The growth of electronic trading and the introduction of new products and technologies, including trading and distributed ledger technologies, such as cryptocurrencies, and AI technologies, has increased competition.”

The financial services titan also says it is “exposed to risks” through various activities involving digital assets due to the potential of cyber security incidents.

“Additionally, although the prevalence and scope of applications of distributed ledger technology, cryptocurrency and similar technologies is growing, the technology is nascent and may be vulnerable to cyber-attacks or have other inherent weaknesses.

We are exposed to risks, and may become exposed to additional risks, related to distributed ledger technology, including through our facilitation of clients’ activities involving financial products that use distributed ledger technology, such as blockchain, cryptocurrencies or other digital assets, our investments in companies that seek to develop platforms based on distributed ledger technology, the use of distributed ledger technology by third-party vendors, clients, counterparties, clearinghouses and other financial intermediaries, and the receipt of cryptocurrencies or other digital assets as collateral.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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