Family, take a look! Japan's banking industry has dropped a bombshell – the largest bank, Mitsubishi UFJ (MUFG), has directly increased its holdings in MSTR (formerly called MicroStrategy) stock to $29 million! It's important to note that MUFG's total holdings amount to $605 billion. Although MSTR's share may seem small, this is the first time a traditional Japanese bank has directly bet on the 'Bitcoin treasury company,' which significantly marks its importance, essentially giving Bitcoin a stamp of approval!
Now looking at MSTR, there's quite a bit of movement! The stock price has directly risen 2.59% pre-market, reaching $249, but compared to the July peak of $455, it has been halved! However, don't rush; they hold 641692 BTC, worth a whopping $6.77 billion! What's more crucial is that the premium of the stock price compared to Bitcoin holdings has shrunk from 1.8 times to 1.1 times, which means the correlation between MSTR's stock price and Bitcoin is increasing, almost 'anchoring' to Bitcoin!
There’s another big and exciting news — well-known short seller Jim Chanos, who held the MSTR short position for 11 months, actually closed his position! He directly stated, 'The bear market is over,' which marks a significant attitude reversal from the short-selling bigwig, essentially casting a vote of confidence for MSTR and Bitcoin. Those who were previously bearish are likely panicking now!
Things are not over here in Japan! Although the listed company Metaplanet did not increase its Bitcoin holdings last week, Bitplanet directly increased its holdings by 15 coins, bringing the total to 200 coins! Moreover, Japanese regulators are currently very friendly towards crypto assets. The financial bureau not only approved the JPYC stablecoin but also supports major banks in piloting stablecoins, which clearly aims to strongly promote the compliance of the crypto market and pave the way for assets like Bitcoin!
The entire situation is too tense right now! Traditional financial giants from Japan are entering the arena, the short-selling big shots are backing down and closing positions, and regulators are still easing restrictions. MSTR holds a massive amount of Bitcoin, so it all depends on whether Bitcoin's price can hold up. Once Bitcoin rebounds, MSTR's stock price might just soar; the previous loss might be quickly recovered! This wave led by Japanese banks might trigger more traditional institutions to follow suit, and the big market for Bitcoin might really be on the way!
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