The Bitcoin bull market isn’t dead yet

Trumps Commerce Secretary Howard Lutnick later clarified that the administration would likely treat Bitcoin differently than other assets in the crypto reserve.

Metaplanet buys the dip

Japanese investment firm Metaplanet has added more Bitcoin to its balance sheet, acquiring 497 BTC at an average price of $88,448. Once again, the acquisition sent Metaplanets stock soaring, underscoring positive investor sentiment around digital assets. The company now holds 2,888 BTC worth about $251 million. Only a dozen publicly traded companies hold more Bitcoin than Metaplanet, according to industry data.

Metaplanet is known as “Asia‘s Strategy,” a reference to Michael Saylor’s business intelligence firm turned Bitcoiin bank. In January, Metaplanet announced plans to raise more than $700 million to fund future Bitcoin purchases.

Bitcoin miners post-halving woes

Bitcoins extreme volatility has put pressure on public miners, which were already strained by the networks quadrennial halving event last April. According to JPMorgan, Bitcoin mining stocks collectively plunged 22% in February. The analysis included Riot Platforms, Bitdeer, Marathon Digital and Core Scientific, among others.

Virtually all companies saw their share prices tumble after reporting quarterly earnings in February — even Core Scientific, which reported better-than-expected sales in the final three months of 2024.

Since the Bitcoin halving, miner revenues and gross profits have declined by an average of 46% and 57%, respectively, according to JPMorgan.