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Metaplanet Discloses $28 Million Gain on Bitcoin Holdings, Stock Slides

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Metaplanet disclosed Monday a $28 million jump in its Bitcoin holdings since it began buying up the asset, surpassing the company’s market capitalization at the start of the year. 

Since late September, the Tokyo-based firm has more than doubled its Bitcoin acquisitions, increasing from 492.82 BTC to 1,018.17 BTC by mid-November, according to a Q3 financial report.

It’s a strategy that’s proven favorable for the firm as its comes amid a fresh crypto rally this year. Bitcoin is up by more than 105% this year to $87,000.

In October alone, Metaplanet acquired over 156 BTC for around $10 million, bringing its cumulative investment in the world’s largest crypto to $64 million.

Dubbed “Asia’s MicroStrategy,” Metaplanet is exploring Bitcoin options trading to generate premium income using cash or Bitcoin as collateral, seeks to boost operational income, and expand its holdings.

Last month, Metaplanet adopted a metric similar to MicroStrategy’s “BTC Yield” as its official Key Performance Indicator (KPI) to assess how Bitcoin acquisitions impact shareholder returns. 

“We intend to continue increasing our Bitcoin holdings through capital market activities and operational income as deemed appropriate,” Metaplanet wrote in the report.

Despite the increase in the value of its Bitcoin holdings, Metaplanet reported a net loss of $2.1 million for the nine months ending September 30, 2024, an improvement from a loss of $2.7 million in the same period last year, as per the report.

However, revenue increased by 46.3% year-over-year to $1.7 million, driven by Metaplanet’s hotel business and digital asset ventures. The firm did secure over $26.7 million through stock issuances and bond offerings this year, as the company’s financial reports show.

Metaplanet’s stock dropped 5% on Tuesday, with shares slipping to 1,766 JPY (US$11.41) in early Asian hours trading.

Edited by Sebastian Sinclair

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Can the XRP price realistically jump to $10 in 2024?

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The XRP price has staged a strong recovery this month, making it one of the best-performing top ten cryptocurrencies.

Ripple (XRP) peaked at $1.6305 last week, rising 324% from its lowest point this year and pushing its market cap to over $81 billion. This valuation surpasses major global firms like Deutsche Bank, Marriott International, and BP.

With XRP’s bullish trajectory, analysts have shared optimistic forecasts. Edo Farina, a long-term Ripple supporter, predicted in an X post that the coin could surge to $10 during this bull run.

He cited fundamental catalysts, including expectations that Donald Trump’s victory could resolve Ripple’s ongoing conflict with the Securities and Exchange Commission will be over next year.

Meanwhile, Ripple and Archax have partnered to launch a tokenized fund on the XRP Ledger, signaling renewed activity on the network

Additionally, Ripple is developing RLUSD, a stablecoin intended to compete with Tether (USDT) PayPal USD, and USD Coin (USDC).

There are also rumors of Ripple launching an Initial Public Offering (IPO) in the coming years. A January CNBC report suggested the company postponed its IPO plans due to SEC challenges, a situation that could shift next year.

Can the XRP price jump to $10?

XRP price
Ripple price chart | Source: crypto.news

The price of Ripple traded at $1.4381 on Nov. 25, requiring a 600% increase to reach $10. Such a move would exceed its recent performance but aligns with past trends, like its 1,800% jump from 2020 lows to its all-time high in 2021.

The weekly chart shows that Ripple broke the significant resistance level of $0.9350, the neckline of a slanted triple-bottom pattern. The coin has moved above the 50-week and 200-week Exponential Moving Averages, suggesting positive momentum. There are also indications of a bullish pennant pattern forming.

While XRP may continue climbing, potentially reaching its all-time high of $1.96 and further to $5, a leap to $10 in 2024 remains unlikely.



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Dogecoin Jumps to 3-Year High Price—Before Bitcoin Cools and Meme Coins Plunge

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Dogecoin got another leg up late Friday and into early Saturday, climbing to a price point not seen in over three years. But it has since fallen, with DOGE and other top meme coins among the biggest losers of the last 24 hours.

DOGE popped above the $0.475 mark on Saturday morning—the first time that the meme coin had risen that high since May 2021. Dogecoin has been on a torrid surge in recent weeks, starting before the election and becoming substantially more explosive in the days after.

Previously, in terms of recent moves, DOGE had previously popped as high as nearly $0.43 on November 13; at the time, it was a three-year high mark, but that local peak has since been topped. DOGE is now up 195% over the last 30 days, and 430% over the past year, per data from CoinGecko.

It was a short-lived peak, however, as is typical for such a volatile coin. DOGE is now down to about $0.41 as of this writing as the broader crypto market cools after last week’s surge. Bitcoin, for example, has now dipped to a price of $96,725 after setting a new all-time high price of $99,645 on Friday and coming close to the $100,000 milestone mark.

Dogecoin is now down 12% over the past 24 hours, though it’s not the biggest loser from the top 10 cryptocurrencies by market cap: XRP has dipped by 14% during the same span after pushing to its own three-year-high mark on Friday.

Zooming out, however, it is mostly meme coins that have fallen the hardest out of the top 100 coins over the past 24 hours. Brett (BRETT), Bonk (BONK), Popcat (POPCAT), Dogwifhat (WIF), Pepe (PEPE), and Floki (FLOKI) have all fallen by 10% or more during that span, alongside Dogecoin. Broadly, the crypto market is down by nearly 5% over the past day.

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Elon Musk Tweet of Joe Rogan Profile Sends DOGE Price Higher

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Some crypto enthusiasts speculate that the service, once live, might include transactions with some digital assets such as DOGE, given Musk’s long-standing affection for the token. Musk’s electric car company, Tesla, already accepts DOGE payments for some merchandise purchases in its online store.



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