Metaplanet, aka Asia’s MicroStrategy, on Wednesday unveiled benefits for all shareholders who will exercise their voting rights during the upcoming general meeting.
This comes as both Japan-listed Metaplanet stock and US-listed MTPLF stock continued to fall.
The company unveiled that they offer small benefits for all shareholders, exclusively for those who will exercise their voting rights.
On August 20, Asia’s largest bitcoin treasury company, Metaplanet, disclosed details of the extraordinary general meeting. The meeting is scheduled for September 1.
The company unveiled that they have prepared small benefits for all shareholders, exclusively for those who will exercise their voting rights.
Shareholders who vote either in writing or via the internet, regardless of whether they vote for or against the proposals, will get 6% discount on special merchandise.
Also, the company is offering limited edition PlanetGear merchandise in a lottery to shareholders who exercise their voting rights.
To enter the online voting, including by email, shareholders need to provide input by August 29.
The broader crypto market selloff triggered a correction in crypto stocks, including Metaplanet stock and OTC MTPLF stock.
Metaplanet stock price fell below 850 JPY for the first time since May. It closed 6.43% lower at 829 JPY on Wednesday, failing to build momentum after the recent rebound.
As per Yahoo Finance, the stock price has tumbled 37% in a month. The year-to-date return was almost 140% at the time of writing.
CEO Simon Gerovich highlighted Metaplanet’s strong fundamentals while the stock remained among the most shorted stocks in Japan. He said betting against Bitcoin is not a winning strategy.
Notably, Goldman Sachs flipped Barclays to become the largest entity shorting Metaplanet. Also, Morgan Stanley reported an increase in its position.
Top Institutions Short Positions on Metaplanet | Source: JPX Short Sale Report
Meanwhile, MTPLF stock closed 5.53% lower at $5.90 on Tuesday, down more than 10% in a week. However, the stock has a YTD return of more than 163% YTD.
In the daily timeframe, the stock was trading below the 50-SMA and 100-SMA. Moreover, RSI has hit 30 again, with expectations of a much-anticipated rebound.
Metaplanet acquired an additional 775 BTC at an average price of $120,006 per Bitcoin between August 11-17. Also, the YTD yield has increased to 480.2% amid the accelerated Bitcoin acquisition strategy.
The total Bitcoin holdings reached 18,888 BTC, with unrealized profit of more than $292 million after the latest purchase.
However, the recent Bitcoin price correction has impacted investor sentiment on Metaplanet stock. BTC price fell nearly 10% in a week, with the price trading at $113,649 at the time of writing.
CoinGlass data also showed selloffs continued in the derivatives market. At the time of writing, the 24-hour total BTC futures open interest dropped more than 1% to $80.70 billion.
Meanwhile, BTC futures OI on CME climbed 0.36% and dropped 1.49% on Binance.
This signaled mixed sentiment among derivatives traders amid buying at dips in the United States.
Experts warned about a possible crash in Bitcoin price due to several headwinds, including technical chart weakness.
Will BTC see a massive correction similar to a 29% crash in 2017 and a 25% fall in 2021?
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By The Coin Republic
about 8 hours ago
