Japanese investment firm Metaplanet has bought $6.7 million worth of Bitcoin, adding 108.99 BTC to their expanding cryptocurrency reserves.

On Oct. 11, Metaplanet invested ¥1 billion or equal to $6.7 million in Bitcoin(BTC) reserves. This brings the company’s holdings in cryptocurrency to 748.50 BTC, which is currently valued at $45.65 million.

This marks the Tokyo-based hotel operator turned investment firm’s third ¥1 billion investment into their Bitcoin holdings since the start of this month. Previously, the firm purchased 108.786 BTC on Oct. 7, which brought their total Bitcoin reserves to 639.50 BTC or $40.54 million based on the market prices at the time of purchase.

H.C. Wainwright has initiated coverage on Galaxy Digital Holdings stock, offering a Buy rating and a price target of C$24.

Analyst Mike Colonnese states that the U.S.-based digital asset-focused financial services firm’s shares offer the diversified exposure investors seek when looking for new positions.

Galaxy’s business also suggests several near-term catalysts, including fundamental growth amid cryptocurrency’s impending 2025 bull market. The current price of GLXY stock does not yet reflect that a bull market has fully been priced in, the analyst noted.

Analyst forecasts 36% upside for Galaxy stock

Also bullish for the company are factors such as institutional adoption, regulatory clarity in the United States, and a Nasdaq uplisting, likely to come in 2025.

In this case, H.C. Wainwright sees 36% upside for the stock, with price at the time hovering around C$17.63.

Colonnese also highlights that Galaxy Digital shares have historically outperformed crypto prices during bull markets. This outlook on the four-year price cycle across the digital assets market shows GLXY having approximately 70% year-to-date return in 2024, compared to about 50% for Bitcoin (BTC).

“We believe we are just in the third inning of the current bull market,” the analyst noted, adding that they expect BTC and other crypto assets to rally sharply in Q4 2024 and run at least until Q4 2025.

Founded in 2018, Galaxy Digital offers a full suite of digital asset services and products across global markets, including asset management and digital infrastructure solutions. The latter includes BTC mining and network validator services.

In a recent update, Galaxy noted it expects digital assets to grow from the current $2.3 trillion market amid rapid adoption.

Gotbit’s multi-million dollar charges may spark FUD, but fear-driven sell-offs could trigger a swift recovery, Santiment predicts.

The recent criminal charges against Aleksei Andriunin, CEO of market-making firm Gotbit, for a $42 million crypto market manipulation scheme have sent shockwaves through the industry, though analysts suggest the eventual outcome might actually be positive for the space.

As crypto.news reported earlier, Andriunin and Gotbit face charges for inflating crypto trading volumes through “wash trading,” creating the illusion of active markets before dumping assets at inflated prices. Despite the short-term panic, blockchain analytics Santiment points to historical trends indicating that such fear-driven sell-offs often create buying opportunities for more experienced traders.

Brian Quinlivan, director of marketing at Santiment, highlighted in a recent blog post that “markets tend to move in the opposite direction of the crowd’s expectations, especially when fear-driven retail activity dominates the headlines.”

“While the immediate reaction might be a small dip, as news of the manipulation scheme spreads, there’s a strong likelihood that the market could absorb the panic and swiftly reverse direction.”

Brian Quinlivan

He noted that panic selling may lead to a capitulation effect, where the worst-case scenario is already priced in, setting the stage for a potential bullish reversal, creating opportunities for institutional investors and market participants.

Santiment warns that the broader crypto market could face short-term disruptions “especially those directly connected to the manipulation, like Robo Inu and Saitama.” However, Quinlivan emphasized that “moments of extreme FUD often coincide with market bottoms,” and the removal of Gotbit’s market manipulation practices could lead to a “healthier, more transparent trading environment, increasing confidence in cryptocurrency markets.”

Gotbit, which has been active since 2017, was co-founded by Andryunin and Iuliia Milianovich. Per the firm’s description, its platform-based solution was aimed at giving project founders more control over their markets. In July 2019, Andryunin publicly acknowledged that the firm’s business “is not entirely ethical” and expressed intentions to wind down its market-making operations due to challenges with strict customer identification processes.

The firm’s website listed several prominent crypto exchanges and venture firms, including Binance, OKX, Crypto.com, a16z, Gate.io, and Bybit, in its “our friends” section. However, it remains unclear if these entities have any formal connections to Gotbit.