- Metaplanet expands BTC holdings with a $6.6M purchase, reinforcing its bullish stance and aiming for 21,000 BTC by 2026.
- Stock outperforms Nikkei 225, surging 427% in six months as BTC accumulation fuels investor confidence.
- Bitcoin faces key resistance at $97,533, with strong hands holding despite volatility, signaling a potential upside.
Japanese investment company Metaplanet has recently purchased an additional 68 BTC for $6.6 million. The recent acquisition brings the firm’s Bitcoin holdings to a total of 2,100 BTC, estimated at $203 million.
Metaplanet informed that it secured the newly acquired holdings at an average price of $96,335 per BTC. Since announcing its strategic focus on Bitcoin in April 2024, the Tokyo-listed firm has been ramping up its BTC acquisition. The firm intends to accumulate 10,000 BTC by 2025 and thus 21,000 BTC by 2026.
Metaplanet’s Stock and Market Strategy
Metaplanet’s aggressive Bitcoin accumulation has influenced its stock performance. Its shares ended Thursday’s trading session at 6,290 yen, up 2.78%. In addition, the stock has risen 427.24% in the last six months and 80.75% since the year started. The larger Nikkei 225 index, meanwhile, fell 1.24%.
Additionally, the company continues to track BTC Yield, which evaluates changes in Bitcoin holdings relative to fully diluted shares. For Q3 2024, the firm reported a BTC Yield of 41.7%. However, in Q4 2024, the metric surged to 309.8%, signaling robust growth. The latest acquisition brings Metaplanet closer to its “21 Million Plan,” which involves issuing 21 million shares of 0% discount stock acquisition rights to EVO FUND.
Bitcoin Market Dynamics and Key Resistance Levels
The broader Bitcoin market is showing notable strength. Analysts highlight $97,533 as the most critical resistance level. A breakout above this threshold could indicate further upside potential for Bitcoin’s price.
A UTXO Realized Price Distribution (URPD) chart from Glassnode reveals a high concentration of realized prices at multiple levels. The highest peak is around $97,532.79, indicating substantial accumulation. Furthermore, buying activity is evident at historical all-time high price points. This suggests strong hands continue to hold Bitcoin despite market volatility.
Moreover, February saw Metaplanet’s stock drop over 8% following a 10-for-1 stock split. The company implemented this move to enhance liquidity. Previously, in August 2024, Metaplanet executed a reverse split consolidating 10 shares into one. This strategy aims to balance the stock’s valuation and accessibility.
