Shareholders did not respond well after Japanese investment firm Metaplanet announced the addition of its Bitcoin Treasury Operations as a new core business line.

Building on months of preparation and shareholder approvals, the company is doubling down on Bitcoin (BTC ($88,291.00)) as both a financial asset and revenue driver as the world’s largest crypto soars to new peaks. Just yesterday, Bitcoin set a new all-time high above $108,000.

Despite the ambitious announcement, Metaplanet’s stock, which trades under the 3350 ticker on the Tokyo Stock Exchange, fell by 13.73% on Tuesday and closed at $22.90 (3,520 JPY), according to Google Finance data.

The dip reflects mixed investor sentiment about the company’s Bitcoin-heavy strategy and market concerns over Bitcoin’s volatility.

With its pivot, Metaplanet said it intends to increase its Bitcoin holdings while hedging against the weakening Japanese yen and leveraging long-term debt and equity issuances.

“Moving forward, Metaplanet is committed to its role as Japan’s leading Bitcoin Treasury Company, recognizing its responsibility as a pioneer in the country’s Bitcoin ecosystem,” the company said in a statement on Tuesday.

As part of the move, Metaplanet will focus on purchasing, holding, and managing Bitcoin through financi...