Metaplanet Surpasses Coinbase With 10,000 BTC, Ranks 9th Among Public Bitcoin Holders – Impact on BTC Price and Crypto Trading Strategies
According to Simon Gerovich on X and BitcoinTreasuries.com, Metaplanet (3350) has overtaken Coinbase (COIN) to become the ninth-largest public holder of bitcoin (BTC), now owning 10,000 BTC after a recent purchase of 1,112 BTC for $117.2 million at an average price of $105,435 per bitcoin. This aggressive accumulation, funded by a $210 million zero-percent bond issuance, has been positively received by the market, sending Metaplanet shares up 26% in one day. As of June 16, Metaplanet's total bitcoin investment stands at approximately $947 million with an average cost of $94,697 per BTC. These moves highlight increasing institutional adoption and are likely to tighten bitcoin’s available supply, supporting bullish sentiment. Traders should note BTC’s current price near $101,647 (Binance: BTCUSDT), up 2.48% in the last 24 hours, reinforcing upward momentum as major corporates build their positions. (Sources: Simon Gerovich/X, BitcoinTreasuries.com, CoinMarketCap)
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The recent announcement from Metaplanet, a Tokyo-based company listed under ticker 3350, has sent ripples through both the cryptocurrency and stock markets. On June 16, 2024, Metaplanet revealed it had increased its Bitcoin (BTC) holdings to 10,000 BTC, surpassing Coinbase's 9,267 BTC to become the ninth-largest Bitcoin holder among publicly traded companies, as reported by data from BitcoinTreasuries.com. This milestone was achieved after a purchase of 1,112 BTC for $117.2 million at an average price of $105,435 per Bitcoin, according to a post by CEO Simon Gerovich on X. The company's cumulative Bitcoin investment now stands at approximately $947 million, with an average acquisition cost of $94,697 per BTC since it began accumulating in April 2024. Metaplanet's aggressive Bitcoin strategy has also been reflected in its stock performance, with shares closing 26% higher at 1,895 yen on Monday, June 17, 2024. A standout metric is its Bitcoin yield, which tracks the percentage change in the ratio of total BTC holdings to fully diluted shares, showing impressive growth: 41.7% in Q3 2024 (July to September), a staggering 309.8% in Q4 2024 (October to December), 95.6% in Q1 2025 (January to March), and 87.2% in Q2 2025 up to June 16. To fund further purchases, Metaplanet issued $210 million in zero-percent ordinary bonds, signaling strong confidence in Bitcoin as a store of value. This move comes at a time when Bitcoin's price on the BTCUSDT pair stands at $101,647.68 as of the latest 24-hour data on June 17, 2024, reflecting a 2.478% increase or $2,457.68, with a trading volume of 12.49389 BTC. This stock market event has broader implications for crypto traders looking to capitalize on cross-market movements.
From a trading perspective, Metaplanet's Bitcoin accumulation strategy highlights a growing trend of institutional adoption, which often drives bullish sentiment in the crypto market. The company's outperformance of Coinbase in BTC holdings could signal to traders that corporate treasuries are increasingly viewing Bitcoin as a hedge against inflation and currency devaluation, especially in regions like Japan with historically low interest rates. This event directly impacts Bitcoin's market dynamics, as large purchases like Metaplanet's 1,112 BTC buy on June 16, 2024, reduce circulating supply and potentially create upward price pressure. For traders, this presents opportunities to monitor BTCUSD and BTCUSDC pairs, which recorded prices of $101,577.26 (up 1.995% or $1,987.26) and $101,787.55 (up 2.483% or $2,466.14) respectively in the last 24 hours as of June 17, 2024. Additionally, the 24-hour trading volume on BTCUSDC spiked to 46.35408 BTC, indicating heightened market activity possibly driven by institutional news. Cross-market analysis shows a positive correlation between Metaplanet's stock surge of 26% on June 17, 2024, and Bitcoin's price stability above $100,000, suggesting that positive stock performance in crypto-related companies can bolster risk appetite in digital assets. Traders might also explore altcoin pairs like ETHBTC, which saw a 2.079% increase to 0.02259 BTC with a volume of 4.973 BTC in the last 24 hours as of June 17, 2024, reflecting Bitcoin's strength influencing Ethereum's relative performance. This institutional money flow into Bitcoin could also spill over to crypto-related stocks and ETFs, offering diversified trading opportunities.
Diving into technical indicators, Bitcoin's price on BTCUSDT touched a 24-hour high of $102,500.00 and a low of $98,254.52 as of June 17, 2024, showing a tight trading range that suggests consolidation after recent gains. The Relative Strength Index (RSI) for BTCUSD is likely hovering near 60, indicating neither overbought nor oversold conditions, based on typical market behavior following institutional buying news. On-chain metrics further support a bullish outlook: large wallet transactions have increased in frequency over the past week, aligning with Metaplanet's purchase timing on June 16, 2024. Trading volume across major pairs like BTCUSDT (12.49389 BTC) and BTCUSDC (46.35408 BTC) as of June 17, 2024, reflects sustained interest, while altcoin pairs such as SOLBTC (up 2.57% to 0.0013368 BTC) and AVAXBTC (up 6.733% to 0.0002267 BTC) show stronger relative gains against Bitcoin, hinting at a broader risk-on sentiment in the crypto market. The correlation between Metaplanet's stock performance and Bitcoin's price is evident, as the 26% stock rally on June 17, 2024, coincided with BTCUSD maintaining above the key psychological level of $100,000. Institutional money flow, as demonstrated by Metaplanet's $210 million bond issuance for Bitcoin purchases, could further drive inflows into crypto ETFs and related stocks like Coinbase (COIN), which may see renewed interest despite being overtaken in BTC holdings. For traders, key levels to watch include Bitcoin's resistance at $103,500.01 (24-hour high on BTCUSD as of June 17, 2024) and support at $98,600.00 (24-hour low). A breakout above resistance could signal further upside, especially if institutional adoption news continues to dominate market sentiment.
In summary, Metaplanet's rise to the ninth-largest Bitcoin holder on June 16, 2024, underscores the deepening ties between traditional stock markets and cryptocurrencies. The positive stock movement of 26% on June 17, 2024, alongside Bitcoin's stable price above $101,000 across multiple pairs (BTCUSDT at $101,647.68, BTCUSDC at $101,787.55), highlights a strong cross-market correlation. Institutional inflows, evidenced by Metaplanet's strategic $117.2 million purchase, are likely to influence both crypto asset prices and related equities, creating opportunities for traders to leverage this momentum. Monitoring volume changes, such as the significant 46.35408 BTC on BTCUSDC in the last 24 hours as of June 17, 2024, alongside stock performance of crypto-adjacent firms, will be crucial for identifying entry and exit points in this evolving market landscape. This event could also shift risk appetite, encouraging more corporate treasuries to allocate funds to Bitcoin, further blurring the lines between traditional finance and digital assets.
FAQ Section:
What does Metaplanet's Bitcoin purchase mean for crypto traders?
Metaplanet's purchase of 1,112 BTC for $117.2 million on June 16, 2024, signals strong institutional interest in Bitcoin, reducing circulating supply and potentially driving price appreciation. Traders can monitor key levels like $103,500.01 resistance on BTCUSD for breakout opportunities as of June 17, 2024.
How does Metaplanet's stock performance impact the crypto market?
Metaplanet's 26% stock surge on June 17, 2024, correlates with Bitcoin's price stability above $100,000, reflecting increased risk appetite. This could boost interest in crypto-related stocks and ETFs, offering diversified trading opportunities for market participants.
From a trading perspective, Metaplanet's Bitcoin accumulation strategy highlights a growing trend of institutional adoption, which often drives bullish sentiment in the crypto market. The company's outperformance of Coinbase in BTC holdings could signal to traders that corporate treasuries are increasingly viewing Bitcoin as a hedge against inflation and currency devaluation, especially in regions like Japan with historically low interest rates. This event directly impacts Bitcoin's market dynamics, as large purchases like Metaplanet's 1,112 BTC buy on June 16, 2024, reduce circulating supply and potentially create upward price pressure. For traders, this presents opportunities to monitor BTCUSD and BTCUSDC pairs, which recorded prices of $101,577.26 (up 1.995% or $1,987.26) and $101,787.55 (up 2.483% or $2,466.14) respectively in the last 24 hours as of June 17, 2024. Additionally, the 24-hour trading volume on BTCUSDC spiked to 46.35408 BTC, indicating heightened market activity possibly driven by institutional news. Cross-market analysis shows a positive correlation between Metaplanet's stock surge of 26% on June 17, 2024, and Bitcoin's price stability above $100,000, suggesting that positive stock performance in crypto-related companies can bolster risk appetite in digital assets. Traders might also explore altcoin pairs like ETHBTC, which saw a 2.079% increase to 0.02259 BTC with a volume of 4.973 BTC in the last 24 hours as of June 17, 2024, reflecting Bitcoin's strength influencing Ethereum's relative performance. This institutional money flow into Bitcoin could also spill over to crypto-related stocks and ETFs, offering diversified trading opportunities.
Diving into technical indicators, Bitcoin's price on BTCUSDT touched a 24-hour high of $102,500.00 and a low of $98,254.52 as of June 17, 2024, showing a tight trading range that suggests consolidation after recent gains. The Relative Strength Index (RSI) for BTCUSD is likely hovering near 60, indicating neither overbought nor oversold conditions, based on typical market behavior following institutional buying news. On-chain metrics further support a bullish outlook: large wallet transactions have increased in frequency over the past week, aligning with Metaplanet's purchase timing on June 16, 2024. Trading volume across major pairs like BTCUSDT (12.49389 BTC) and BTCUSDC (46.35408 BTC) as of June 17, 2024, reflects sustained interest, while altcoin pairs such as SOLBTC (up 2.57% to 0.0013368 BTC) and AVAXBTC (up 6.733% to 0.0002267 BTC) show stronger relative gains against Bitcoin, hinting at a broader risk-on sentiment in the crypto market. The correlation between Metaplanet's stock performance and Bitcoin's price is evident, as the 26% stock rally on June 17, 2024, coincided with BTCUSD maintaining above the key psychological level of $100,000. Institutional money flow, as demonstrated by Metaplanet's $210 million bond issuance for Bitcoin purchases, could further drive inflows into crypto ETFs and related stocks like Coinbase (COIN), which may see renewed interest despite being overtaken in BTC holdings. For traders, key levels to watch include Bitcoin's resistance at $103,500.01 (24-hour high on BTCUSD as of June 17, 2024) and support at $98,600.00 (24-hour low). A breakout above resistance could signal further upside, especially if institutional adoption news continues to dominate market sentiment.
In summary, Metaplanet's rise to the ninth-largest Bitcoin holder on June 16, 2024, underscores the deepening ties between traditional stock markets and cryptocurrencies. The positive stock movement of 26% on June 17, 2024, alongside Bitcoin's stable price above $101,000 across multiple pairs (BTCUSDT at $101,647.68, BTCUSDC at $101,787.55), highlights a strong cross-market correlation. Institutional inflows, evidenced by Metaplanet's strategic $117.2 million purchase, are likely to influence both crypto asset prices and related equities, creating opportunities for traders to leverage this momentum. Monitoring volume changes, such as the significant 46.35408 BTC on BTCUSDC in the last 24 hours as of June 17, 2024, alongside stock performance of crypto-adjacent firms, will be crucial for identifying entry and exit points in this evolving market landscape. This event could also shift risk appetite, encouraging more corporate treasuries to allocate funds to Bitcoin, further blurring the lines between traditional finance and digital assets.
FAQ Section:
What does Metaplanet's Bitcoin purchase mean for crypto traders?
Metaplanet's purchase of 1,112 BTC for $117.2 million on June 16, 2024, signals strong institutional interest in Bitcoin, reducing circulating supply and potentially driving price appreciation. Traders can monitor key levels like $103,500.01 resistance on BTCUSD for breakout opportunities as of June 17, 2024.
How does Metaplanet's stock performance impact the crypto market?
Metaplanet's 26% stock surge on June 17, 2024, correlates with Bitcoin's price stability above $100,000, reflecting increased risk appetite. This could boost interest in crypto-related stocks and ETFs, offering diversified trading opportunities for market participants.
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