Bitcoin (BTC) is back in positive territory after starting the week in the red. The flagship cryptocurrency registered a sharp drop on Monday, falling nearly 1% to a low of $107,562 before settling at $108,283.
BTC overcame a sluggish start during the ongoing session, recovering after falling to a low of $107,446 before moving to its current level, with the price up 0.52%, trading at $108,847.
Metaplanet Crosses Toyota, Sony In Stock Trading Volume
Metaplanet has doubled its stock trading volume as it doubles down on its Bitcoin strategy, surpassing the likes of Toyota and Sony. According to data from the Tokyo Stock Exchange, the Tokyo-based company’s stock trading volume surged to 1.87 trillion yen, or $11.6 billion, in June alone, an 87% increase from the 997 billion yen recorded the previous month. The company’s stock trading volume surpassed several of Japan’s corporate behemoths, including the likes of Toyota Motors and Sony Group. Toyota’s trading volume in June was 1.6 trillion yen, while Sony crossed 1.3 trillion yen.
Metaplanet’s stock has been rising since mid-June, thanks to its efforts to grow its Bitcoin treasury. The company’s stock peaked to hit $1,895 on June 16, the same day it reached its 10,000 BTC goal. Metaplanet aims to acquire 210,000 BTC by 2027. The firm completed five Bitcoin purchases in June, with the latest on June 29. Metaplanet’s total Bitcoin holdings reached 15,555 BTC after its latest purchase on July 7, and are worth $1.68 billion at current prices.
Metaplanet announced plans to acquire more BTC in accordance with its Bitcoin treasury strategy, inspired by Michael Saylor’s Strategy. The company aims to boost its holdings to 210,000 BTC by the end of 2027. To reach its goal, Metaplanet has raised its annual accumulation target from 21,000 BTC to 100,000 BTC.
Metaplanet Eyes Digital Bank Acquisition
Metaplanet aims to use its Bitcoin reserves to purchase cash-generating businesses, potentially including a digital bank in Japan. CEO Simon Gerovich stated that the firm is trying to acquire as much Bitcoin as possible before turning it into leverage for aggressive expansion. Gerovich stated,
“We think of it as a Bitcoin gold rush. We need to accumulate as much Bitcoin as we can... to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up.”
Originally a hotel operator, Metaplanet began accumulating Bitcoin in 2024 to use the asset as a hedge against inflation. The firm currently holds 15,555 BTC and plans to increase it to 210,000 BTC by 2027. Metaplanet completed its latest BTC purchase on Monday, adding 2,204 BTC to its reserves for $237 million at $107,700 per coin.
SEC Acknowledges Trump Media ETFs
The United States Securities and Exchange Commission (SEC) has accepted Trump Media’s application for a spot Bitcoin (BTC) ETF and Ethereum (ETH) ETF. The acknowledgment officially initiates the process for the agency to approve or reject the proposed funding. Trump Media’s Bitcoin ETF. The ETF proposes offering investors exposure to BTC and ETH through shares listed on NYSE Arca, and backed by crypto assets. The allocation is split 75% to BTC and 25% to ETH. Foris DAX Trust Company will act as the custodian, while asset management firm Yorkville America Digital will be the fund’s sponsor.
Strategy Launches Fresh Capital Move To Fund Bitcoin Acquisitions
Michael Saylor’s Strategy is doubling down on its Bitcoin strategy, launching an at-the-market (ATM) equity offering of up to $4.2 billion in 10% Series A Perpetual Stride Preferred Stock (STRD). The offering allows the company to sell shares flexibly, market-based, or over time, depending on market conditions. The STRD stock will be sold under the ATM program using negotiated transactions, block trades, or other formats. The company paused its Bitcoin purchases last week after an aggressive acquisition spree, which saw the firm accumulate 41,407 BTC, including a 4,980 BTC purchase in the last week of June.
Strategy plans to use the proceeds from the offering for general corporate purposes. This includes funding future Bitcoin purchases, working capital, and dividend payments to holders of the firm’s Series A Perpetual Strife and Strike Preferred stocks. Strategy holds 597,325 BTC as of July 7.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has recovered during the ongoing session after making a sluggish start to the week. The flagship cryptocurrency registered a substantial drop on Friday, dropping to a low of $107,340. However, it recovered over the weekend, rising 0.19% on Saturday and nearly 1% on Sunday to cross $109,000 and settle at $109,229. Despite the positive weekend, BTC was back in the red on Monday, dropping to a low of $107,562 before settling at $108,283.
BTC has remained range-bound between $100,000 and $110,000. The flagship cryptocurrency crossed $110,000 in May when it set an all-time high, but has been unable to build on that, with the price pinned below $110,000 in recent sessions. According to Tom Lee, managing partner and head of research at Fundstrat Global Advisors, some long-term investors may be cashing in, keeping the price in range. Lee stated,
“We have clients who have bought bitcoin at $100. They don’t care if bitcoin goes to a million; they are probably sellers at around $100,000.”
BTC traded in positive territory the previous weekend, rising 0.14% on Friday and 0.20% on Saturday to reclaim $107,000 and settle at $107,339. Bullish sentiment intensified on Sunday as the price rose almost 1%, crossing $108,000 and settling at $108,350. Despite the positive weekend, BTC was back in the red on Monday, dropping 1.09% to $107,167. Selling pressure intensified on Tuesday as the price fell 1.33% and settled at $105,742. BTC recovered from this level on Wednesday, rising nearly 3% to reclaim $108,000 and settle at $108,845. Bullish sentiment persisted on Thursday as the price reached an intraday high of $110,583 before settling at $109,650, ultimately rising 0.74%.
Source: TradingView
Despite the positive sentiment, BTC lost momentum on Friday, dropping 1.42% to $108,097. It recovered over the weekend, rising 0.19% on Saturday and nearly 1% on Sunday to reclaim $109,000 and settle at $109,229. Price action turned bearish on Monday as BTC fell 0.87%, falling to an intraday low of $107,562 before settling at $108,283. The current session sees BTC marginally up, trading around $108,500 as buyers and sellers struggle to establish control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.