XRP fell 3% in the last 24 hours, leading losses among major tokens, as bitcoin (BTC) started the holiday week in the red and Japanese bitcoin accumulator Metaplanet (3350) announced its biggest purchase.
The Tokyo-listed company said it bought a record 619.70 BTC for 9.5 billion yen ($61 million) in a move that increased its BTC holdings by 54%.
BTC remains 1.5% lower over 24 hours, CoinGecko data shows, with ether (ETH), Cardano’s ADA, Solana’s SOL and dogecoin (DOGE) falling as much as 2%. Chainlink’s LINK and Tron’s TRX gained, while the CoinDesk 20 broad index (CD20) fell 1.39%.
Metaplanet has now acquired 1,762 BTC for 20.87 billion yen ($133.2 million), with an average purchase price of 11.85 million yen. Between October 1 and December 23, the company achieved a BTC return of 309.82%, up from 41.7% from July 1 to September 1. 30.
Metaplanet has experimented with novel ways to finance its bitcoin purchases since initiating the strategy in April. Starting December 20, the company issued a fifth series of ordinary bonds worth 5 billion yen to EVO FUND, a zero-coupon bond due June 16, 2025 with possible early repayment linked to vesting rights of series 12 shares.
In total, the company has made 19 separate bitcoin purchases using capital market activities and operating income. Shares have soared 2,100% this year and the company has become the 15th largest publicly traded bitcoin holder.
Meanwhile, market watchers are cautious ahead of the Christmas period with a short-term bearish bias.
“Markets continue to digest the Fed’s tougher tone, reinforced by the pent-up need to lock in profits after a strong year,” Alex Kuptsikevich, chief market analyst at FxPro, told CoinDesk in an email. “Bitcoin is trading around $95.5K and receiving support near the 50-day moving average on Friday and Monday. While we expected to see the market decline here, it is too early to say this is the end of the correction.”
“Further stock market declines, of which there are many in Bitcoin and Ethereum, could trigger institutional investors, launching a deeper pullback. The reduction in Christmas liquidity has the potential to amplify this breadth with a possible drop into the $70,000 area,” Kuptsikevich said, adding that the $90,000 level could present an “attractive level” for buyers to stop selling. massive.