Japanese Giant Metaplanet Snaps Up 60 Million Bitcoin – Could This Trigger a Bull Run?

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![](https://img.gateio.im/social/moments-3a9d845fab7d396b705b0936546c513c)Bitcoin![](https://img.gateio.im/social/moments-7030c92548383e5b9fa3bf8ae27bb87c)CryptocurrencyLast updated:December 25, 2024 00:13 EST![](https://img.gateio.im/social/moments-f4ba3ac4b130f0ff14daabef859bb0a4)Crypto WriterArslan Butt![](https://cimg.co/authors/791/image-2023-01-10t15-56-36-418z.jpg)Crypto Writer Arslan Butt About AuthorArslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis... Author Profile Share![](https://cryptonews.com/wp-content/themes/cryptonews/images/socials/purple-share.svg)![](https://cryptonews.com/wp-content/themes/cryptonews/images/socials/purple-x.svg)![](https://cryptonews.com/wp-content/themes/cryptonews/images/socials/purple-linkedin.svg)![](https://cryptonews.com/wp-content/themes/cryptonews/images/socials/purple-tg.svg)![](https://cryptonews.com/wp-content/themes/cryptonews/images/socials/purple-email.svg)![](https://cryptonews.com/wp-content/themes/cryptonews/images/socials/purple-copy.svg)CopiedLast updated:December 25, 2024 00:13 EST![](https://cryptonews.com/wp-content/themes/cryptonews/images/logo.svg)Why Trust CryptonewsCryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about CryptonewsAd DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more ![](https://img.gateio.im/social/moments-245f96eb854d87e5cbb900f32b94e740)Japanese investment firm Metaplanet has recently completed its largest-ever Bitcoin purchase, acquiring 619.7 BTC for ¥9.5 billion ($60.5 million). This move marks a significant step in Metaplanet’s growing BTC treasury strategy, following its decision to issue debt and buy more BTC. This brings the firm’s total Bitcoin holdings to 1,761.98 BTC, valued at over $164 million at current prices.Metaplanet’s strategy closely mirrors that of MicroStrategy, the U.S.-based software company that has made BTC a key asset on its balance sheet.> \*Metaplanet purchases additional 619.70 BTC\* pic.twitter.com/5npflMJ3kW> > — Metaplanet Inc. (@Metaplanet\_JP) December 23, 2024MicroStrategy began buying BTC in 2020, following a similar strategy aimed at boosting shareholder value. Today, MicroStrategy holds 444,262 BTC, worth over $41 billion.## A Bold Strategy to Boost ValueMetaplanet’s decision to increase its Bitcoin purchases has drawn attention, especially in light of its plans to secure its BTC holdings and position itself as a leading player in Japan’s Bitcoin ecosystem. While the move has been praised by some, the firm faced pushback from investors, with its stock price dropping significantly last week.This reaction was partly triggered by concerns over the firm becoming a “Bitcoin treasury,” similar to MicroStrategy’s model.Despite the mixed reception, Metaplanet’s strategy indicates confidence in Bitcoin’s long-term value. By amassing significant Bitcoin reserves, Metaplanet aims to leverage the digital asset as a store of value. This bold move is likely to influence other firms in Japan, as the country’s cryptocurrency market continues to evolve.## Bitcoin’s Market Outlook: Can It Break $99,350?As for Bitcoin itself, the market remains in a period of consolidation. Currently trading around $98,180, Bitcoin has seen a slight rebound after dipping below the $92,000 mark.The immediate resistance is at $99,350, followed by more significant levels at $102,470 and $106,450. If Bitcoin can break through these barriers, there is potential for a strong rally toward the $100,000 level.On the downside, key support levels lie at $96,210 and $92,710, with $90,870 serving as a crucial lower support zone. The recent upward pressure indicated by the RSI of 60.20 suggests that bullish momentum may continue, but Bitcoin’s volatility remains high. A break above $99,350 could trigger further upward movement, while failure to hold above $96,210 may lead to further retracement.![](https://img.gateio.im/social/moments-925a8bcd3e3a96cf94fdde2801b17d2e)Bitcoin Price Chart – Source: Tradingview**Key Insights:*** Metaplanet buys $60.5 million worth of Bitcoin, growing its treasury.* Bitcoin faces immediate resistance at $99,350; a breakthrough could trigger gains.* RSI reading of 60.20 suggests bullish momentum, but volatility remains.Metaplanet’s strategy to accumulate Bitcoin could have a significant impact on market sentiment, especially if other companies follow suit. As Bitcoin continues to experience fluctuations, its path forward remains uncertain, but these recent developments could play a pivotal role in shaping its near-term future.–You might also like**Bitcoin Price Prediction 2024 – 2034**## BEST Wallet Raises Over $5.43M: A Limited-Time Crypto OpportunityBest Wallet is reshaping the Web3 landscape, supporting thousands of cryptocurrencies across 50+ major blockchains, including Bitcoin and Ethereum. Its user-friendly platform allows seamless buying, selling, and swapping of assets, even cross-chain, without requiring KYC verification. These features make it an attractive choice for crypto enthusiasts seeking privacy and flexibility.The ongoing $BEST token presale has raised over $5.43 million, with fewer than 22 hours remaining until the next price hike. 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