Marathon(US:MARA) Benzinga·2025-12-30 11:45Core Insights - Metaplanet Inc. has acquired a significant amount of Bitcoin, positioning itself as the fourth-largest public Bitcoin holder with a total of 35,102 BTC valued at approximately $3.78 billion [2] - The company has developed a Bitcoin income generation business projected to generate around $55 million in revenue for the fiscal year 2025 [4] - An aggressive capital raise plan has been approved by the board to facilitate further Bitcoin purchases, including a new dividend structure for preferred shares [5][6] Group 1: Bitcoin Holdings and Financial Performance - In Q4, Metaplanet acquired 4,279 BTC for $451 million at an average price of $105,412 per Bitcoin [1] - The company achieved a BTC yield of 568.2% year-to-date in 2025 and aims to own 210,000 BTC by the end of 2027, which would be worth approximately $18.5 billion at current prices [2] - The company's shares have risen 8% this year to close at 405 yen ($2.60), but are still down 80% from their all-time high in June [3] Group 2: Business Strategy and Capital Structure - Metaplanet's Bitcoin income business utilizes derivatives to create recurring revenue while supporting long-term Bitcoin holdings [4] - The board has doubled the authorized preferred shares from 277.5 million to 555 million and amended Class A shares to a monthly floating-rate dividend structure called MARS [5] - Class B shares now pay quarterly dividends and include a 10-year 130% issuer call, allowing Metaplanet to buy back shares at a premium [6] Group 3: Technical Analysis and Market Position - The stock is currently showing signs of a potential bottoming formation after a prolonged downtrend, with price action testing the critical $2.5 support level multiple times [9] - A sustained break above the $2.50 level could lead to upward momentum towards $3.73 and $4, while failure to hold this support could result in a decline towards $2.00-$2.10, indicating a 26% downside risk [10]