Bitcoin News Today: Metaplanet Stock Rises 3.93% as Bitcoin Holdings Expand to 18,888

Japan-based Metaplanet (MTPLF) has shown recovery signs in its stock performance following the acquisition of 775 Bitcoin for $93 million, increasing its total BTC holdings to 18,888. The stock closed 3.93% higher at 900 JPY on August 18, rebounding from a low of 841 JPY earlier in the week, despite Bitcoin sliding below $115,000 [1]. The stock price has recovered some of its monthly losses, though it remains down 30% in a month. Year-to-date, the stock has gained nearly 160% [2].

The move was accompanied by technical indicators suggesting potential recovery, with the RSI climbing to 32.64 from an oversold zone and the 50-day moving average rising above the 200-day MA [3]. According to the CEO, Simon Gerovich, Q2 was the company’s strongest in terms of operating profit, net income, and positive cash flow [4]. The company also reported a quarter-to-date BTC yield of 29.3% and a YTD yield of 480.2% [5].

The purchase of 775 BTC occurred at an average price of $120,006 per Bitcoin, adding to a total BTC stack valued at nearly $1.94 billion [6]. This has generated an unrealized profit of over $292 million [7]. Metaplanet plans to continue its accelerated Bitcoin strategy, with the goal of acquiring at least 30,000 BTC by year-end [8].

In the U.S., the MTPLF stock closed 4.30% lower at $6.10 on Friday, down 20% in a week, but has still surged more than 168% year-to-date [9]. The stock is currently trading below the 50- and 100-day simple moving averages, but the RSI has reached 30, hinting at a possible rebound similar to its Japanese-listed counterpart [10].

Bitcoin’s price has been under pressure, slipping below $114,831 in the last 24 hours amid profit-taking and derivatives market selling. Total BTC futures open interest fell over 1% to $82.70 billion, with CME and Binance seeing declines of 3% and 3.40%, respectively [11]. Despite the downturn, Metaplanet’s stock has remained resilient.

The company’s Bitcoin strategy appears to be influencing investor sentiment, even as broader macroeconomic factors weigh on the cryptocurrency market. Analysts have not issued forecasts regarding the impact of this specific acquisition, leaving the market to interpret the significance of the move based on available data [12]. Metaplanet’s approach reflects a broader trend of institutional adoption of digital assets, with its large-scale and timed acquisitions making it a notable player in corporate crypto holdings [13].

Source:

[1] Metaplanet Increases Bitcoin Holdings to 18888 BTC with Latest Acquisition (https://moneycheck.com/metaplanet-increases-bitcoin-holdings-to-18888-btc-with-latest-acquisition/)

[2] Metaplanet (MTPLF) Stock Shows Recovery Signs Amid 775 Bitcoin Buy (https://coinmarketcap.com/community/articles/68a307abc5c06c674880b32a/)

[12] Metaplanet, the parent company of Meta, has recently shown signs of recovery in its stock performance amid a notable increase in its Bitcoin holdings [1]

[13] Metaplanet, the parent company of Meta, has recently shown signs of recovery in its stock performance amid a notable increase in its Bitcoin holdings [1]