Metaplanet stock (MTPLF) has rebounded from recent lows and is now eyeing a 5-month high. This bullish move coincides with a fresh institutional endorsement for Metaplanet shares. Specifically, Vanguard Group FTSE Japan ETF disclosed a purchase of $2.1 million of Metaplanet shares. This transaction adds to the optimistic sentiments surrounding MTPLF.
Can Metaplanet Stock Hit $4.6 Soon?
As of this writing, MTPLF hovered around ¥491 ($3.19), according to Google Finance data. In the past 24 hours, MTPLF has surged 0.8% and 3.8% over the past five days. However, MTPLF is down 4.84% over the past month, but jumped 24.62% in the 6-month timeframe. Additionally, the Meplanet stock has increased by 37.34% year-to-date (YTD) and 207.6% in the past year.
Analyzing the Metaplanet price chart in an X post, Economist Donald Dean, pointed out a bullish pattern. As seen in the chart shared by Dean, MTPLF shows a series of progressively higher troughs. Each low is higher than the prior, with buyers stepping in at shallower dips. The stock dropped to around $3.00 in early August, then $3.50 in September, before moving to test approximately $4.20 in October.
This pattern signals building buyer strength, meaning sellers are not pushing prices as low each time. Such moves suggest upward momentum and a potential shift from a downtrend to an uptrend. Dean confirmed $4.65 as the next target for MTPLF. The price marked an earlier resistance zone, but now acts as a target for retest. Hitting it could confirm the uptrend and open doors to higher targets.
Vanguard Group FTSE Japan Bets on Metaplanet
In a parallel development, Vanguard FTSE Japan ETF (VJPN) recently demonstrated confidence in Metaplanet. For the first time, this passive index-tracking fund managed by asset manager Vanguard purchased 704,500 MTPLF shares, valued at $2.1 million. The Vanguard FTSE Japan Index focuses on 500 large- and mid-cap Japanese stocks across sectors like tech, industrials, consumer goods, and finance.
It aims for broad exposure to the Japanese economy, with a low expense ratio and dividends paid quarterly. Note that the fund is not actively picking winners. Rather, it is forced to buy or rebalance based on the FTSE Japan Index. The Metaplanet stems from its surging market cap and liquidity, qualifying it as a mid-cap constituent. As Metaplanet’s weight in the index grows, Vanguard has to accumulate shares to match.
Metaplanet was introduced to the FTSE Japan Index in the September review. Many anticipated this change to attract passive fund inflows, thereby boosting demand for the MTPLF stock.
MTPLF Price Forecast
Analysts noted the shares buy-up from Vanguard can support the price while the base forms. They emphasized that support can help push the Metaplanet stock price toward ¥1,107 if supply is thin near ¥915–¥989. Generally, consensus points to “Strong Buy” with a $9.21 average target, driven by Metaplanet’s Bitcoin accumulation strategy.
Another positive update for Metaplanet is the recent MTPLF stock buyback program. Metaplanet has authorized the repurchase of up to 150 million shares via the program. At the same time, the firm secured a credit facility for up to $500 million. Metaplanet will use this fund at its discretion, for the stock buyback or for future BTC purchases.
For now, sentiments for the MTPLF stock have improved, aligning with the recent rally in BTC price. If BTC breaks $110,000, MTPLF could close above $6. However, traders are advised to trade with caution, as a bearish move could see the stock falling to $2.50.