Get €3000Breaking: Bitcoin Treasury Metaplanet Moves 4986 BTC, Stock Price Tanks 12%
Highlights
- Metaplanet moved 4,986 BTC worth $368.3 million to new wallets.
- Metaplanet stock price plunges 12% today.
- Bitcoin under pressure amid profit booking ahead of Wednesday's Fed rate decision.
Metaplanet, a Japan-based Bitcoin treasury company, moves 4,986 BTC to new wallets after almost 3 months of inactivity. Amid these massive transfers and Bitcoin price pullback due to profit booking, Metaplanet stock price has plunged more than 12% on Tuesday.
Metaplanet Transfers Over $368 in Bitcoin Today
After almost 3 months of dormancy, Japan’s MicroStrategy Metaplanet has moved 4,986 BTC worth nearly $368.3 million to new wallets on March 17, according to Arkham data. The massive transfers from the cold wallet sparked speculations within the crypto community.
On-chain experts anticipated that the Bitcoin treasury company is likely rearranging funds. The Bitcoin treasury company made test transactions before moving its Bitcoin holdings to five new wallets.
It follows a day after the board of directors of Metaplanet approved new capital allocation policy. Under the new policy, the company will only raise capital through common share issuance and buyback shares when mNAV is above 1x. The company claimed it will help maximize long-term corporate value and optimize long-term value for its shareholders.
The company raised almost $255 million from institutional investors and secured $276 million in capital via fixed-strike warrants. This brings the total capital to around $531 million, as the firm confirms more Bitcoin purchases.
Stock Price Tanks 12%
Metaplanet stock (TYO: 3350) erased all earlier gains and closed 12.02% at 344 JPY on Tuesday. The intraday low and high were 342 and 390 JPY, respectively. The plunge comes amid a massive 61 million in trading volume, significantly higher than the average volume of 29 million.
Metaplanet stock price is now up just 2% in a month and over 20% in a month, with the stock price down more than 26% year-to-date. Bitcoin pulls back 2% after traders react to Trump’s comments on making Venezuela the 51st US state.
BTC price is currently trading at $74,272 after a slight profit booking in the past few hours. The 24-hour low and high are $72,912 and $75,988, respectively. Moreover, trading volume is falling but is still up 49% over the last 24 hours.
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