Japanese Giant Metaplanet Buys 60 Million Bitcoin Could This Start a Bull Run?
Recently, Japanese investment company Metaplanet made its biggest Bitcoin acquisition, purchasing 619.7 BTC for ¥9.5 billion ($60.5 million). After issuing debt and buying additional BTC, Metaplanet's BTC treasury strategy has advanced. The business now has 1,761.98 BTC, worth approximately $164 million at current pricing.
Metaplanet's approach resembles MicroStrategy's, a U.S. software business that values BTC.
In 2020, MicroStrategy bought BTC to improve shareholder value. Over $41 billion, MicroStrategy controls 444,262 BTC.
Bold Value-Boosting Strategy
Metaplanet's move to buy more Bitcoin has garnered attention, particularly given its aspirations to safeguard its BTC holdings and lead Japan's Bitcoin ecosystem. Some hailed the decision, while investors criticized it, causing its stock price to dip last week.
This response was partially caused by fears about the corporation becoming a "Bitcoin treasury" like MicroStrategy.
Metaplanet's approach shows faith in Bitcoin's long-term worth despite varied reviews. Metaplanet wants to store value using Bitcoin by building large reserves. As Japan's bitcoin industry evolves, this brave action may inspire other companies.
Bitcoin Market Outlook: Can It Break $99,350?
The Bitcoin market is consolidating. After falling below $92,000, Bitcoin is now trading at $98,180.
Resistance begins at $99,350 and increases at $102,470 and $106,450.
Bitcoin might rise to $100,000 if it breaks these boundaries.
On the downside, $96,210, $92,710, and $90,870 are important support levels.
The RSI of 60.20 shows positive momentum may continue, but Bitcoin's volatility remains high.
A break over $99,350 might spur more gains, while failure to hold above $96,210 could cause regression.
Metaplanet adds $60.5 million to its Bitcoin treasury.
Bitcoin faces immediate resistance around $99,350; a break might boost prices.
RSI 60.20 indicates positive momentum, but volatility persists.
