Metaplanet shares soar as crypto rally lifts bitcoin treasury stocks

Japanese bitcoin treasury firm Metaplanet saw its shares surge on Tuesday, tracking a broader crypto market rally and strong gains among U.S.-listed crypto stocks.

Metaplanet's stock jumped 10.7% by midday Tuesday in Japan, with markets still open, according to Yahoo Finance data. The move followed a 19.17% jump in the company's U.S.-traded shares on OTC Markets, which closed at $3.12 on Monday.

The bitcoin treasury firm disclosed last week that it purchased 4,279 BTC in the fourth quarter, bringing its total holdings to 35,102 BTC, worth about $3.29 billion at current market prices.

Shares of several other major bitcoin treasury firms also rose. Strategy, led by Michael Saylor, saw its shares (MSTR) climb 4.81% to $164.72 on Monday, while Mara Holdings jumped 6.86%.

The stock rally came as major cryptocurrencies posted gains. Bitcoin was up 1.37% over the past 24 hours at $93,835 at the time of writing, after briefly climbing above $94,000 on Monday, according to The Block's BTC price page. Ethereum traded up 1.85% to $3,222, while XRP jumped 12.45% to $2.39.

The broader crypto market rally reflected early-year repositioning, with traders rotating back into risk assets amid heightened focus on U.S. military operations in Venezuela.

US crypto stocks rally

Major U.S. crypto-related stocks also rallied on Monday. Crypto trading and rewards firm Bakkt saw its stock surge 31.47% to close at $14.79 on Monday. Nasdaq-listed KindlyMD, originally a healthcare firm that has transitioned into a bitcoin treasury vehicle, gained 24.38% to finish at $0.51. 

Coinbase saw its shares rise 7.77% to $254.92 at closing. In a report released the same day, Goldman Sachs upgraded Coinbase to a "Buy" rating from "Neutral," citing recent product launches and a growing mix of infrastructure revenue that it said have strengthened the exchange's longer-term growth profile.

Crypto mining stocks also posted gains. Shares of American Bitcoin Corp, a miner backed by Eric and Donald Trump Jr., jumped 13.48% to $2.02. Bitcoin miner Hut 8 rose 13.6% to $58.25, while mining rig manufacturer Canaan added 8.7%.