Bitcoin Holds Above $101,000 as Metaplanet Adds 1,111 BTC

Bitcoin's price held steady above $101,000 on Monday, recovering from a brief dip below $98,000 over the weekend. This stability came despite geopolitical tensions in the Middle East, which initially caused a spike in oil prices. The rebound in crypto markets coincided with a retreat in oil prices, which had surged due to fears of a major price spike following U.S. military action in Iran. Brent crude and West Texas Intermediate both pulled back from their early gains, suggesting that investors are not anticipating a significant disruption to oil flows.

Metaplanet, a Tokyo-listed hospitality and investment firm, has expanded its bitcoin reserves by adding 1,111 bitcoin, valued at approximately $117 million. This purchase was part of the company's ongoing strategy to accumulate crypto assets. The firm acquired the new tranche at an average price of $105,681 per bitcoin during a weekend dip triggered by geopolitical tensions. With this latest acquisition, Metaplanet's total bitcoin holdings have increased to 11,111 BTC, currently valued at over $1.1 billion. The firm's average purchase price across all holdings now stands at approximately $95,700 per coin.

Cardone Capital, a $5.1 billion real estate investment firm founded by Grant Cardone, has made its first significant foray into the crypto market by purchasing 1,000 bitcoin. This acquisition, valued at just over $101 million, is part of a new treasury strategy that integrates cash-flowing property with crypto assets. Cardone Capital plans to acquire an additional 3,000 BTC before the end of the year, positioning itself as a pioneer in the real estate and bitcoin integration space. The firm, which manages over 14,000 rental units, aims to leverage this strategy to enhance its investment portfolio.

Analysts suggest that the muted market reaction to the geopolitical tensions indicates that investors are not pricing in a serious disruption to oil flows. Over 80% of oil passing through the Strait of Hormuz is bound for Asia, and analysts say Iran is unlikely to antagonize key allies like China. This stability in the oil market has contributed to the resilience of the crypto market, as investors remain confident in the long-term prospects of digital assets.