Metaplanet Stock Price Surge After Latest Bitcoin Buy
- Metaplanet purchased 21.88 Bitcoin (BTC) worth over $1.2 Million.
- The firm's Bitcoin holdings now total 225.6 Bitcoin as it follows a strategy similar to MicroStrategy.
- Metaplanet shares surged 25.8% on the Tokyo Stock Exchange and Bitcoin's price rise contributed to the increase in share price.
Bitcoin Bullish Trend and Metaplanet Strategic Moves
Metaplanet is making a buzz in the market with another Bitcoin purchase. The Japanese firm buys 21.88 Bitcoin worth $1.2 Million, equivalent to 200 Million JPY. After this strategic buying, not Metaplanet holds a total of 225.6 Bitcoin worth approximately $14.6 Million.
Earlier this month, on July 7 the company secured 42.46 Bitcoins worth $2.5 Million (400 Million JPY). Metaplanet buying of BTC is correlated to Bitcoin’s 4.4% price surge over the past 24 hours. This spiked Metaplanet stock prices by approximately 25.8% to $0.74 in the opening session on the Tokyo Stock Exchange on July 16 according to Google Finance data.
Metaplanet took advantage of BTC price dips and accumulated it, and the firm's stock price now surged by 6 times from the time they revealed about Bitcoin investment strategy in April 2024.
According to CoinGecko data, at press time Metaplanet is the 21st largest holder of Bitcoin across the Globe. Despite the recent surge, Metaplanet's Bitcoin holdings have only appreciated by 2.8%, considering their average purchase price of $62,890.
Metaplanet, often dubbed "Asia's MicroStrategy," has adopted a strategy similar to that of MicroStrategy, the world's largest corporate Bitcoin holder. This approach is designed to mitigate the impact of Japan's escalating debt and the yen's depreciation, which has fallen nearly 54% against the US dollar since January 2021. Conversely, Bitcoin has surged by an impressive 145% against the yen over the past year.
Bitcoin Price Is Bouncing Back
Bitcoin's technical chart showcases bullishness, with the price surging by almost 11% this week. Moreover, the BTC price broke above the 50-day exponential moving average, indicating that buyers are back in the game.
The MACD indicator also suggests bullishness in Bitcoin's price, as the signal line and MACD line form a bullish crossover and head upward.
The RSI indicator is also positive, as the RSI curve surpassed the middle line above the 14-day SMA line and headed upward, suggesting bullishness.
Moreover, according to the TradingView technical summary, out of 26 indicators, 7 are on the sell side, 7 are neutral, and 12 are on the buy side. The weightage is on the buy side, suggesting a positive outlook.
Conclusion
Metaplanet's strategic Bitcoin acquisitions have significantly bolstered its market presence, earning it the nickname "Asia's MicroStrategy." The recent 4.4% rise in Bitcoin's price has further amplified Metaplanet's stock value by 25.8%. Technical indicators also suggest a bullish trend for Bitcoin, reinforcing a positive market outlook. As the 21st largest Bitcoin holder globally, Metaplanet's approach highlights the growing influence of cryptocurrency in corporate financial strategies.
