Metaplanet Acquires 619.7 Bitcoin to Boost Holdings to 1,761.98 BTC
Metaplanet Inc, a Japanese hotel management company, announced the acquisition of 619.7 additional Bitcoin units, raising its total holdings to approximately 1,761.98 BTC, valued at over ¥20 billion.
The company's Bitcoin treasury operations have positively impacted its stock market performance. From July 1, 2024, to September 30, 2024, the BTC yield was 41.7 percent, and from October 1, 2024, to December 23, 2024, it surged to 309.82 percent.
Metaplanet’s stock has increased more than 20 times year-to-date, trading around ¥3,540, leading to a valuation of nearly ¥130 billion despite no major products in the market. The firm is leveraging global capital markets to enhance its Bitcoin strategy similar to MicroStrategy Inc (NASDAQ: MSTR). Recently, OTC Markets Group Inc (OTCQX: OTCM) listed Metaplanet’s stock under ticker MTPLF.
This enables Metaplanet to sell more shares globally to fund further Bitcoin acquisitions. Earlier this year, the company executed a 10-for-1 share consolidation to boost liquidity.
Metaplanet’s Bitcoin Strategy Signals Ongoing Institutional Interest
Demand for Bitcoin has increased significantly following recent political developments in the U.S. On-chain data from Coinglass shows a decline of over 200K Bitcoin on centralized exchanges in the past two months, bringing the total supply to about 2.24 million BTC.
Institutional investments, especially by Metaplanet and MicroStrategy, alongside US spot Bitcoin ETFs, have driven cash inflows. These ETFs have accumulated over $109 billion in Bitcoin in less than a year, led by BlackRock’s IBIT.
El Salvador continues to advance its Bitcoin purchase program, even after securing a $1.4 billion loan from the IMF with conditions attached.
BTC Price Prepares for Another Bullish Breakout
Following a dip below the psychological level of $100K, BTC price has recently tested a crucial support range between $93,806 and $97,041. To prevent a potential selloff towards $70K, Bitcoin must rebound above the support level of approximately $93K.
#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
Crypto analyst Ali Martinez suggests that Bitcoin is poised for a bullish rebound potentially exceeding $168K.