Strategy nears 600,000 bitcoin as the “Strategy of Asia” also buys

Benchmark initiated coverage on Metaplanet as the former hotel business is becoming “Japan’s pioneering listed bitcoin treasury company.”

Yaël Bizouati-Kennedy

6/30/25 9:56AM

It’s Monday, so it’s bitcoin-buying day for Strategy, which has acquired 4,980 bitcoin for $531.9 million. The largest corporate bitcoin holder now has 597,325 bitcoin.

Metaplanet, the “Strategy of Asia,” which became the seventh-largest corporate bitcoin holder, also added to its reserve, acquiring 1,005 bitcoin for $108.1 million, giving it a total of 13,350.

The company also announced the issuance of 0% interest rate ordinary bonds worth 30 billion yen ($208 million) to boost its bitcoin acquisition strategy.

Benchmark Equity Research initiated coverage of the Japanese company this morning with a “buy” rating, as it “emerges as Japan’s answer to MSTR with bitcoin acquisition strategy. In just over a year, the company has transformed itself from a modest hotel business into Japan’s pioneering listed bitcoin treasury company,” Benchmark analyst Mark Palmer wrote in the note.

Palmer added that Mataplanet “has been the best performing stock in Japan by 10x, generating a total return of 7,742% during that span.”

“We believe the shares are poised to continue their upward climb as Metaplanet continues to execute its financing strategy and adds to its bitcoin holdings,” he wrote.

The company, which said it seeks to accumulate 100,000 bitcoin by the end of 2026 and 210,000 bitcoin by the end of 2027, is emulating Strategy, but with “a twist.”

“Metaplanet has been generating the bulk of its revenue through option premium harvesting: selling cash-secured bitcoin put options and collecting premiums while committing to buy bitcoin at a predetermined strike if the market declines,” Palmer added.

Sage D. Young

Zcash nosedives after counterfeit vulnerability revealed

The privacy-focused cryptocurrency has dropped more than 40% in the last 24 hours, shedding $3.8 billion in market capitalization.

$62B

Yaël Bizouati-Kennedy6h

Bitcoin digital asset treasuries (DATs) have taken a big hit amid bitcoin’s tumble, shedding $62 billion in value since the asset’s October 6 all-time high, Artemis data shows, with their fully diluted market cap dropping to $72 billion from $134 billion in early October.

Meanwhile, bitcoin, which has fallen below $62,000 on Friday morning, is down 50% from its all-time high. DAT pioneer Strategy’s market cap stood at $102.2 billion on October 6, according to Macro Trends, and is now down to $45.6 billion, a 55% decline. Strategy has been in hot water since it sold 32 bitcoin earlier this week, and because its digital credit instrument, STRC, has been trading below its par value. Shares of Strategy are down 17% in the past week.

Sage D. Young6/4/26

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.
XRP declined 4.5% to an 18-month low last hit in November 2024.
Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.
Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Yaël Bizouati-Kennedy

6/4/26

Bitcoin nears February lows amid $1.4 billion exiting its ETFs

“This week has been painful in crypto. There is really no other way of putting it.”