tl;dr
Asia's Metaplanet has become the largest corporate holder of BTC in Asia, with over 1,000 BTC after purchasing an additional 156 BTC for $1.6 billion Japanese Yen. This led to a 6.06% surge in stock price. Since May, Metaplanet has consistently bought BTC and recently raised 10 billion Yen for BTC p...
Asia's Metaplanet has become the largest corporate holder of BTC in Asia, with over 1,000 BTC after purchasing an additional 156 BTC for $1.6 billion Japanese Yen. This led to a 6.06% surge in stock price.
Since May, Metaplanet has consistently bought BTC and recently raised 10 billion Yen for BTC purchases. The company also introduced a new performance indicator called 'BTC Yield', which showed a 116% yield this month, attributing the increase to a substantial expansion of its Bitcoin assets. Metaplanet aims to provide investors with insights into how BTC acquisition boosts shareholder value.
The rise in corporate adoption of BTC, influenced by MicroStrategy, is evident with companies like Tesla and potentially Microsoft seeking to add Bitcoins to their balance sheets. Asia’s MicroStrategy Metaplanet has now become the biggest corporate holder of BTC in Asia while taking its Bitcoin holdings to more than 1,000 in the recent purchase.
Ever since its first entry into the Bitcoin market in May, Metaplanet has been consistently buying the asset at regular intervals. Back in August, Metaplanet secured a 1 billion yen loan from MMXX Ventures Limited to accelerate its Bitcoin buying process. Since then, it has conducted 11 Series of Stock Acquisition Rights with the latest one happening last week wherein it raised a total of 10 billion Yen for buying BTC.
Speaking on the development, company CEO Simon Gerovich said: “Metaplanet now owns more than 1000 BTC making it one of the largest corporate holders of Bitcoin in Asia”.
Two days ago, the company announced its new performance indicator dubbed the ‘BTC Yield’, in an attempt to follow the best industry practices. The Japanese firm also announced that its ongoing BTC purchases have led to a total of 116% yield this month. This increase marks a significant rise from the 41.7% yield Metaplanet achieved on its Bitcoin holdings from July 1 to September 30. The company credits this sharp growth to a substantial expansion of its Bitcoin assets, which more than doubled over the previous quarter. In October alone, Metaplanet acquired over 600 BTC, raising its total holdings to 1018.17 BTC. Gerovich said that the latest approach to Bitcoin yield from Metaplanet will give investors greater insights into how BTC acquisition can boost shareholders’ value.
Steered by MicroStrategy, the corporate adoption of BTC has been on the rise over the past few years. Apart from Metaplanet, other global firms like Tesla continue holding Bitcoins on their balance sheet. Also, the latest development is that tech giant Microsoft is seeking a shareholder vote to add Bitcoins to its balance sheet. If the shareholders approve, it might create a domino effect in the market with other top corporates joining the BTC bandwagon.
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Sector: PETROLEUM REFINING
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EPS: 3.3
Dividend Yield: 19.08
52-Week High: $402.63
52-Week Low: $0.0483
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The Relative Strength Index (RSI) further supports this outlook, with readings comfortably in the overbought territory, suggesting a robust buying momentum. Additionally, the Bollinger Bands have widened, indicating increased volatility but also signaling a potential continuation of the upward trend.
It's essential to note that the market has reached significant resistance levels, which may lead to a temporary pullback or consolidation. Traders should closely monitor these levels for potential profit-taking or trend reversal.
Looking at the broader perspective, the market is displaying a classic "cup and handle" pattern, indicating a strong potential for further upward movement. However, it's crucial to remain cautious as any unexpected negative news or external factors could swiftly change the current bullish sentiment.
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ENERGY & TRANSPORTATION
GOLD AND SILVER ORES
116720000
None
None
0
0.127
-0.0306
36723000
1.38
2.549
0.625
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