Key Notes
- Metaplanet was recently listed on the US OTC market to strengthen its Bitcoin treasury program ahead.
- Bitcoin price has been retesting a crucial support level in preparation for a new bull run towards $200K.
Metaplanet Inc, a Japanese company that manages a hotel, announced the acquisition of more Bitcoin
BTC
$95 779
24h volatility:
1.4%
Market cap:
$1.90 T
Vol. 24h:
$53.81 B
units today to strengthen its balance sheet and stock market. According to the announcement dated December 23, Metaplanet acquired an additional 619.7 Bitcoins, thus currently holding about 1,761.98 BTC, with more than ¥20 billion.
The company highlighted that its Bitcoin treasury operations have continued to strengthen its stock market. From July 1, 2024, to September 30, 2024, the company’s BTC yield was 41.7 percent. From October 1, 2024, to December 23, 2024, the company’s BTC Yield was 309.82 percent.
As a result, Metaplanet’s stock market has rallied more than 20x year-to-date to trade at about ¥3,540. The young Bitcoin-focused company has seen its valuation scale to nearly ¥130 billion, without a major product in the market.
Metaplanet has continued to leverage the global capital market to strengthen its Bitcoin strategy akin to MicroStrategy Inc (NASDAQ: MSTR). Last week, OTC Markets Group Inc (OTCQX: OTCM) announced the listing of Metaplanet’s stock market under ticker MTPLF.
As a result, Metaplanet can continue to sell more of its shares around the world in a bid to purchase more Bitcoins ahead. Earlier this year, the company announced a 10-for-1 share consolidation to improve its liquidity.
Metaplanet’s Bitcoin Strategy Signals Ongoing Institutional FOMO
The demand for Bitcoin has grown exponentially since last month’s victory of Donald Trump and other pro-crypto leaders in the United States. According to on-chain data analysis provided by Coinglass, the supply of Bitcoin on centralized exchanges has declined by more than 200K in the past two months to hover at about 2.24 million at the time of this report.
In addition to the continued Bitcoin purchases by institutional investors led by Metaplanet and MicroStrategy the US spot Bitcoin ETFs have been a major source of cash inflows. According to the latest market data, the US spot Bitcoin ETFs have accumulated Bitcoins worth more than $109 billion in less than a year, led by BlackRock’s IBIT.
Meanwhile, El Salvador has accelerated its Bitcoin purchase program despite the recent deal with the IMF for a $1.4 billion loan with several strings attached.
BTC Price Prepares for Another Bullish Breakout
After retracing below the psychological target of around $100K, BTC price has been retesting a crucial support range between $93,806 and $97,041 in the past few days. From a technical analysis standpoint, the flagship coin must rebound above the support level of around $93k ahead to avoid a potential selloff towards $70K.
#Bitcoin $BTC will hit a market top above $168,500, based on the Mayer Multiple. pic.twitter.com/uvgG4mZHA8
— Ali (@ali_charts) December 22, 2024
Nonetheless, crypto analyst Ali Martinez believes that Bitcoin price is preparing for a new bullish rebound beyond $168K.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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