Both Metaplanet and Strategy continue to raise capital to purchase more BTC.
A few crucial crypto news updates this week have set a cautiously bullish tone in the Web3 market. The US Fed Rate cut, signaling room for two more cuts this year.
SEC’s approval of generic listing standards finally set the stage for the approval of more crypto ETFs beyond Bitcoin (BTC) and Ethereum (ETH) funds.
Bitcoin was trading above $115,000 at the time of writing, as flows into the spot BTC ETFs surpassed $886 million last week.
With many such crypto-equity catalysts lined up for Monday, market observers are wondering how some of the top crypto stocks will perform in the week ahead.
Below, we break down what to watch for Coinbase, Strategy, and Metaplanet, top contenders in the crypto stock space, and where their prices could go in realistic scenarios.
One of the most closely watched crypto stock is Coinbase (COIN) stock. To put things into perspective, the stock has gained more than 80% over the past six months alone, as reported in recent crypto news.
According to data from Google Finance, COIN’s last traded price on September 19 was recorded at $342.46.
Investors are now eagerly looking forward to the September 22 crypto news regarding the launch of Mag7 + Crypto Equity Index Futures on Coinbase Derivatives.
This fund will expand beyond single-asset contracts and add a thematic product that combines exposure to major tech equities and crypto ETF proxies.
More importantly, with the US SEC’s approval of generic listing standards, Coinbase’s role as a key custodian and infra provider remains strategically important.
With BTC still trading above a key support level and a new product debut for Coinbase on Monday, COIN could see a gradual upside or range expansion toward $348.
In fact, analysts have even placed a near-term consensus target of $356 for COIN.
But if ETF flows into Bitcoin turn negative, $330-$340 is a realistic pullback zone for COIN, especially given the stock’s high correlation with BTC.
Another crypto stock on investors’ radar is Metaplanet (MTPLF).
It has been on a gradual downtrend, losing nearly 27% of its value over the past month. Per Friday’s crypto news data, MTPLF stock’s price traded at $4.09, having gained over 3% that day.
Metaplanet’s website indicated that its BTC holdings had climbed above 20,000 BTC following a fresh purchase on September 8.
The company recently announced that it has opened two new companies (in the US and Japan) to actively generate income from its BTC and expand Web3 media.
This move positions Metaplanet to generate more revenue from its massive Bitcoin treasury in the future.
At the same time, investor sentiment is mixed around Metaplanet’s decision to raise nearly $1.4 billion via an international share sale largely to buy more BTC.
For context, this equity raise will help Metaplanet acquire more BTC, but it will also increase or dilute the existing share count.
Even so, popular investment bank Chardan Capital recently recommended “buying” the stock, while placing an ambitious target of about $9.9 on MTPLF.
Rounding out our list is Strategy (MSTR) stock, the OG Bitcoin treasury company that currently holds 638,985 BTC on its balance sheet.
The stock has seen a modest yet impressive gain of 13.4% over the past six months, trading at $344.75 as of September 19.
A Form 8-K filed on September 15 by the company disclosed the purchase of an additional 525 BTC at an average price of $114,562.
Strategy’s aggressive purchases have already helped it own 3.043% of all Bitcoin, making it highly sensitive to the direction of BTC.
Moreover, the company operates multiple at-the-market (ATM) programs across common and preferred stock.
While this is useful for stockpiling BTC, the fresh issuance can also dilute the value for existing shareholders.
Looking ahead in crypto news, investors should also watch for new 8-Ks as potential intra-day movers. With BTC near $115,000, MSTR stock is likely to track BTC within a wide band.
Investors can look for a working range of $340 – $365, with an upside bias if Bitcoin shows resilience.
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