Over the weekend, digital asset markets experienced a resurgence, with the CoinDesk 20 Index (CD20) climbing more than 4% since Friday midnight UTC. Bitcoin, after briefly dipping below $60,000 on Friday, rebounded to $63,500 before retracing below $63,000 as the U.S. trading session began. Analysts from 10x Research noted the historical trend of July being favorable for Bitcoin, despite potential challenges in the third quarter, typically the weakest period for digital assets.
In a significant move, Japanese investment adviser Metaplanet expanded its bitcoin holdings by acquiring an additional $1.2 million worth of BTC. This transaction increases Metaplanet’s bitcoin treasury to 161 BTC, valued at over $10 million based on current prices. The investment follows Metaplanet’s recent announcement of a $6 million bitcoin acquisition plan, a strategy reminiscent of U.S.-listed MicroStrategy’s approach of issuing bonds to fund bitcoin purchases. This trend has gained traction, prompting digital asset prime services provider Abra to introduce a treasury service tailored for corporates seeking to hold cryptocurrencies as part of their balance sheet reserves.
Meanwhile, Sony announced plans to relaunch the Japanese crypto exchange Whalefin, as reported by PR Times. Sony acquired Whalefin from crypto lender Amber Group last year and is set to introduce a new app alongside the exchange’s revival. This move marks Sony’s formal entry into the cryptocurrency sector, following its prior engagements in Web3 through various investments and partnerships.
As digital asset markets evolve with renewed investor interest and corporate strategies diversify to include cryptocurrencies, developments like Metaplanet’s BTC acquisitions and Sony’s reentry into crypto exchange operations signal ongoing shifts in the industry’s landscape. Investors and market participants are closely monitoring these developments amid evolving regulatory environments and global economic trends.
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