Japan’s Metaplanet Pledges to Buy More Bitcoin Even as BTC Price Crashes to $60k

Bitcoin treasury firm Metaplanet has said it would continue buying more Bitcoin despite the current crash in its value. The BTC price recently dropped as low as $60,000 in the early Asian trading hours of Friday.

Metaplanet to Expand Bitcoin Treasury Despite BTC Price Crash

In a recent X post, the Bitcoin treasury firm CEO, Simon Gerovich, shared that the firm would keep purchasing the coin despite the recent downturn in value. He specifically highlighted that there would be no change in its already established strategy in accumulating as many tokens as possible.

The assurance from Metaplanet comes as the BTC price fell as low as $60,000 early on Friday before retracing towards the $63,000 range. This continues its current bearish downtrend that has led to billions in losses of value to institutional portfolios.

Source: TradingView; BTC price daily chart

This also comes as the firm faces millions in dollars of unrealized losses. As a result, its stock has started declining in value. It fell about 8% at the start of trading today.

Source: Yahoo Finance; Metaplanet stock price daily chart

Notably, other treasury firms like Strategy have also seen major losses. As CoinGape reported yesterday, the Michael Saylor company currently faces over $4.5 billion in unrealized losses as its MSTR stock also declines rapidly.

Interestingly, Saylor, just like Metaplanet, has also maintained that his firm would not stop buying Bitcoin despite the BTC price dip.

Crypto Traders Bet on BTC Fall Below $55k

About 76% of traders believe the price of the coin would fall below the $55,000 mark in the coming days, according to Polymarket. The token has already eroded nearly 50% of its value from its previous all-time high in October.

Prominent experts in the crypto space have also continued to reiterate that the BTC price could fall deeper regardless of continuous buys from firms like Metaplanet. For instance, Stifel analysts predicted a Bitcoin crash to around $38,000.

This projection, which would have seemed bold months back, now looks like the reality of the coin as it retraces its step towards the level last seen in 2021. The firm based its analysis on the coin’s historical patterns in 2018, 2o22 and other bearish years.

Source: https://coingape.com/japans-metaplanet-pledges-to-buy-more-bitcoin-even-as-btc-price-crashes-to-60k/