2,100 BTC moved into a Nasdaq shell
Metaplanet shareholders approved the deal: 2,100 BTC plus $2.5 million in cash in exchange for 44.86 million newly issued SLE shares at $3 per share, acquiring 95.7% of its common stock. The BTC didn’t enter an exchange; it moved straight from a Japanese balance sheet into a U.S.-listed company.
The lockup on this BTC has been strengthened, tightening the available supply at the margin. Spot BTC market depth is already thin, so buying support on a pullback below the $110,000 mark should be stronger. A short-term drop below the previous support high of $105,000 seems unlikely. The real variable is the mNAV premium. If the positive feedback loop of treasury companies issuing shares at a premium to buy coins converges toward 1, they’ll switch from buying to selling coins to support their share price. That would be the leading signal of a medium-term top. ETH and SOL are trading with BTC’s beta: as long as BTC holds $105,000, ETH can stay above $3,900.
For those of you holding BTC, what’s your cost basis? If it pulls back to $105,000 this time, would you buy more or sell?
$BTC $ETH $SOL
Metaplanet shareholders approved the deal: 2,100 BTC plus $2.5 million in cash in exchange for 44.86 million newly issued SLE shares at $3 per share, acquiring 95.7% of its common stock. The BTC didn’t enter an exchange; it moved straight from a Japanese balance sheet into a U.S.-listed company.
The lockup on this BTC has been strengthened, tightening the available supply at the margin. Spot BTC market depth is already thin, so buying support on a pullback below the $110,000 mark should be stronger. A short-term drop below the previous support high of $105,000 seems unlikely. The real variable is the mNAV premium. If the positive feedback loop of treasury companies issuing shares at a premium to buy coins converges toward 1, they’ll switch from buying to selling coins to support their share price. That would be the leading signal of a medium-term top. ETH and SOL are trading with BTC’s beta: as long as BTC holds $105,000, ETH can stay above $3,900.
For those of you holding BTC, what’s your cost basis? If it pulls back to $105,000 this time, would you buy more or sell?
$BTC $ETH $SOL